GE Money transfer of equity example support desk enquires

• Two years ago I bought a apartment without my fiance’s name on the deeds. My lawyer claimed it is because she is not in the mortgage with GE Money. I'm wondering is there any way that I can add her name on the deeds?
• My ex are looking to get a conveyancer lined up for a new mortgage with GE Money. Transfer of Equity conveyancing is also necessaryI have used the different comparison based tools and the results are from all over England and Wales. Is it important to have a conveyancer local to us?
• Law week I separated from my ex of thirty years. I'm now living with my parents again and she wishes to remain in the property and pay me off. What percentage do I get. Is it 50% of the equity after paying off the GE Money home loan? I assume proper valuations are required but I really need to be confident that I'm getting I am not being walked over
• Can you tell me how to have someone removed from the title documents to a property where the mortgage is with GE Money
• I got divorced in 2010. I simply never dealt with the transfer ownership from the current 'joint' status to my sole name. I am ready to do that and so is she. Transfer-of-equity is needed. GE Money is willing to transfer the property and loan in my name (financial checks done). Does she need a lawyer?
• What is the process for adding or subtracting names (transfer of equity) to or from my GE Money mortgage account?
• I acquired a property with my cousin six years ago Since purchasing the property, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the GE Money mortgage. There is a 40k difference between the value the lender say and what the property would sell for currently. Can you offer any advice?

Sample of questions in a lawyer form concerning a GE Money Transfer of Equity

General Advice to read in supplemental the above GE Money transfer of equity Questions and Answers :

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 GE Money conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, 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 your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made as a result of 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 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 is dependent on the market value of the property at the time of completion 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 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 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.