Investec transfer of equity example support desk enquires

• Is there such a thing a transfer of equity stamp duty calculator?
• My partner and myself equally own a buy to let. I am a top rate tax payer. Preferably I wish to complete a transfer of equity to her sole name in order mitigate tax on rental income. If Investec are happy with this the legal fees are inexpensive. However what happens when we sell? Would my GGT relief be lost.
• I am planning on removing a name from a joint mortgage and the Investec need me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Romsey conveyancing solicitor to deal with the transfer of equity? They need to be on the Investec conveyancing panel.
• Can I transfer the equity held in my property with my Investec mortgage?
• I plan to refinance my apartment in Wakefield switching from Chelsea BS to Investec. The apartment is jointly owned but intend for it to be in my sole name when I transfer. My husband has agreed to this and is happy to sign a form but neither of us want to incur lawyer fees.
• Having been three years separated I have opted to relinquish up my interest in our apartment to my husband who is refinancing with Investec. Can a transfer of equity be done in less than four weeks?
• What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Investec mortgage account?

Examples of questions in a conveyancer questionnaire relating to Investec Transfer of Equity

Important warnings to consider in in addition to the above Investec transfer of equity information :

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 Investec conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger 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 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 Investec 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 Investec 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 Investec 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 Investec 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 lawyer 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.