Examples of recent questions relating to Better HomeOwnership transfer of equity

• How do I go about adding or subtracting names (transfer of equity) to or from my Better HomeOwnership mortgage account?
• What if my application doesn't meet Better HomeOwnership lending criteria for a transfer of equity?
• My former husband are looking to get a conveyancing solicitor in place for a remortgage with Better HomeOwnership. Transfer of Equity conveyancing is also necessaryI have used the different comparison based websites and the results are from all over the country. Is it important to instruct a conveyancer local to us?
• Is there such a thing a transfer of equity stamp duty calculator?
• Law week I separated from my wife of thirty years. I'm now living with my mum and dad and she wants to stay in the property and pay me off. What percentage am I entitled to. Is it 50% of the equity after paying off the Better HomeOwnership home loan? I assume proper valuations are required but I really need ensure that I'm getting what I am entitled to
• Me and my former husband and I are in the market for a dependable conveyancing solicitor to assist in a transfer of equity and refinance with Better HomeOwnership. I I am concerned about appointing the wrong one but with many conveyancing practices who do transfer of equity conveyancing to pick from...how do I know which is best select?
• I am filling out a Better HomeOwnership transfer of equity application and have arrived at the section concerning defaults etc. I do some debts that I have been clearing since 2009, I understand that they have long since disappeared from my credit rating. Must I reveal these?

Sample of information requested in a conveyancing solicitor questionnaire relating to Better HomeOwnership Transfer of Equity

General Advice to read in conjunction with the above Better HomeOwnership 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 Better HomeOwnership conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. 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 situations, 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 conveyancer will check with Better HomeOwnership 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 Better HomeOwnership 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 market value of the property at the time of completion of the transfer of equity transaction.

Preparing the Transfer of Equity with a Better HomeOwnership Mortgage

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

If Better HomeOwnership 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 contained within this webpage is for general information and only applies to England and Wales. It should not be regarded as 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.