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

• At what point do I pay the Stamp Duty Land Tax payable for the transfer of equity in my home in my name alone which is taking place simultaneously with a refinancing with Aviva Equity Release?
• Will I have to pay any charges for a Transfer of Equity where the current mortgage is with Aviva Equity Release?
• Online research suggests that solicitors are more expensive than conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I need to be transferring equity and simultaneously refinancing with Aviva Equity Release
• Our financial adviser has recommended their lawyer for our Transfer of Equity plus remortgage with Aviva Equity Release - Surely it’s advisable to just instruct them?
• Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Aviva Equity Release?
• I am in the process of removing a name from a joint mortgage and the Aviva Equity Release require me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Winchelsea conveyancing solicitor to deal with the transfer of equity? They need to be on the Aviva Equity Release conveyancing panel.
• I am transferring my equity in apartment in Birmingham to the other co-owners husband, they are reapplying to Aviva Equity Release. We are in heated discussion as to who must cover the fees for the transfer of equity. Should this be split or is one party liable for the legal bill?

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.