Sample questions relating to Aviva Equity Release transfer of equity

• My current mortgage is with Aviva Equity Release. Can I transfer equity to someone under 18 years old?
• I am searching for a value for money conveyancing lawyer to help me sell in a transfer of equity and remortgage with Aviva Equity Release. I I am fearful of by bill escalating out of control and there's many conveyancing organisations who do transfer of equity conveyancing to choose from...who's the best?
• My decree absolute has gone through as is the consent order. Now I must deal with the transfer of equity at the HMLR and the Aviva Equity Release mortgage. I have contacted Aviva Equity Release for the transfer of equity forms. What are my next steps?
• Me and my partner jointly own a house in Ampthill . Mortgage is with Aviva Equity Release. I wish to transfer full ownership to him with no exchange of money but without using a conveyancer. Is this likely to be simple?
• Have recently split up with my ex of twenty years. I'm now living with my mum and dad and she wishes to stay in the flat and pay me off. What percentage do I get. Is it 50% of the equity after discharging the Aviva Equity Release home loan? I assume proper valuations are required but I really need ensure that I'm getting the best deal
• I jointly own a property in Friern Barnet , with a Aviva Equity Release mortgage with my ex partner. Him and his fiance are going to buy me out. We had approval from Aviva Equity Release to replace my name with hers. The transfer of equity has to be completed by a conveyancer for Aviva Equity Release (supposedly). In order to save fees can I do the Land Registry formalities?
• I am looking for a lawyer to handle my transfer of equity. Aviva Equity Release have been approached for a remortgage. I considered asking my mortgage broker. I understand he will likely receive a kickback for recommending a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?

Questions that your conveyancer could ask regarding your Aviva Equity Release Transfer of Equity

Information to consider in supporting the above Aviva Equity Release transfer of equity Info :

Tax and Legal

There may be various 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 properties

If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not strictly observed you may be in breach of the lease. This could trigger 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 is dependent on the valuation of the property at finalisation 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 lawyer 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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information provided on 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.