GE Money transfer of equity example support desk enquires

• Is it possible to apply to borrow more money from GE Money as part of a Transfer of Equity?
• I got divorced in 2010. Foolishly I never got around to transfer ownership from the current 'joint' status to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. GE Money is content to transfer the full equity in my name (financial checks done). Does she need a solicitor?
• Is it possible to transfer the equity held in my property with my GE Money home loan?
• I own a flat in Timperley , with a GE Money mortgage with my former partner. Him and his fiance are going to acquire my share. We had the go ahead from GE Money to replace my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for GE Money (supposedly). Is it possible for us to deal with the Land Registry change?
• My ex are looking to get a conveyancer lined up for a refinance with GE Money. Transfer of Equity conveyancing is also necessaryI have used the different rating based services and the results are from all over UK. How necessary is it to instruct a lawyer local to us?
• Me and my partner jointly own a property in Heathfield . Mortgage is with GE Money. I want to transfer full ownership to him with no passing of money but without using a lawyer. Is this likely to be simple?
• Do I need legal representation when doing a transfer of equity where the mortgage is to remain with GE Money?

Examples of questions in a conveyancing solicitor form relating to GE Money Transfer of Equity

Information to consider in supplemental the above GE Money transfer of equity information :

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 GE Money 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 conditions are not complied with you may be in violation 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 conveyancing solicitor will check with GE Money 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 GE Money 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 finalisation of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a GE Money 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 GE Money 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.

Content on 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.