Examples of recent questions relating to Aviva Equity Release transfer of equity

• I am in the market for an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Aviva Equity Release. I want to avoid being ripped off but with many conveyancing solicitors who do transfer of equity conveyancing to choose from...who's the best?
• Me and my partner jointly own a property in Rye . Home loan is with Aviva Equity Release. I would like to transfer full ownership to him with no payment of money but without using a lawyer. Do you think this should be straightforward?
• My mother passed away seven months ago leaving a unencumbered property to me and my brother 50:50. He has always lived in the house, there was a clause in the will saying the housecould not be sold for 2 years following her passing so he could reside there for a while. He now wants to remain in the property beyond the prescribed period. We have discussed a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the conventional way to purchase my half from me?
• My ex are looking to get a conveyancer in place for a new mortgage with Aviva Equity Release. Transfer of Equity conveyancing is also neededI have used the different comparison based services and the results are from all over England and Wales. Is it important to instruct a lawyer local to us?
• Last year bought a apartment without my wife's name on the deeds. My conveyancing solicitor said it is because she was not in the mortgage with Aviva Equity Release. Is it possible for me to add her name on the documents at HMLR?
• I am looking for a lawyer to handle my transfer of equity. Aviva Equity Release are dealing with the refinancing. I thought of asking my mortgage broker. I am lead to believe he may receive a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Any flaws you see in this way of thinking?
• Can you tell me how to have a person removed off the deeds to a house where the mortgage is with Aviva Equity Release

Questions that your conveyancer is likely to ask in relation to your Aviva Equity Release Transfer of Equity

Important warnings to consider in conjunction with the above Aviva Equity Release transfer of equity Info :

Tax and Legal

There are numerous potential tax and legal implications when transferring equity for your property. You should always seek the advice of a solicitor on the Aviva Equity Release conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to an Order of the Court, then Insolvency Indemnity Insurance is not required. In other cases, where a property is being transferred at less than market value between joint owners, an Insolvency Act Indemnity Insurance policy may be required. This is something that that your lawyer will check with Aviva Equity Release This is because, if the outgoing party is made bankrupt in the future, their Trustee in Bankruptcy could argue that they had transferred the property in order to avoid their creditors and apply to the Court to have the transaction set aside. If this happens, it could affect your lender or a future buyer from you as they would lose the property and the lender may not get back what they have loaned to you. The Insolvency Act Indemnity Insurance policy only protects lenders such as Aviva Equity Release or future buyers from you. If there is no mortgage and the outgoing owner is made bankrupt, there is a risk to you that you could lose your home if the transfer is set aside. The cost of the Insolvency Act Indemnity Insurance policy varies based on the valuation of the property at the time of completion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Aviva Equity Release Mortgage

When it comes to preparing the the Land Registry documents your conveyancing solicitor should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Aviva Equity Release is joining in the transfer to release someone from liability, put the release in the ‘additional provisions’ panel if someone is entering into a covenant relating to the charge, place it in the ‘additional provisions’ panel stamp duty land tax is not payable when there is no chargeable consideration for the transfer (Schedule 3, paragraph 1 of the Finance Act 2003). In the case of a transfer subject to a charge (even if the transfer is by way of gift) or if a property has been transferred for no value and there is an associated discharge, HMRC would view this as an assumption of an existing debt by the purchaser (Schedule 4, paragraph 8 of the Finance Act 2003) and stamp duty land tax may be payable if you wish you may state in the ‘additional provisions’ panel that ‘This transfer is made subject to a charge dated… in favour of…’

On form AP1, your conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within this webpage is for general information and only applies to England and Wales. It does not constitute advice for members of the public who should contact their lawyer,mortgage broker, insurer and accountant for specific advice relating to transfer of equity. Whilst we endeavour to keep the information up to date and correct we do not make any representation or warranties of any kind about its completeness, accuracy, reliability or suitability. Any reliance you place on the information is strictly at your own risk. Lexsure will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.