Top seven questions relating to Kent Reliance transfer of equity

• What is the process for having someone removed from the title documents to a house if the home loan is with Kent Reliance
• What should I be budgeting for when it comes to what legal charges are for a transfer of equity? I need to transfer equity and remortgage - moving over to Kent Reliance - and have been quoted £250 including VAT by Kent Reliance's approved lawyer, Have I been over quoted?
• When it comes to transfer of equity conveyancing involving a remortgage with Kent Reliance should I be charged VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• In 2011 I purchased a apartment without my fiance’s name on the title. My conveyancing solicitor said it is due to the fact that she was not in the mortgage with Kent Reliance. I'm wondering is there any way that I can add her name on the documents at HM Land Registry?
• Is it possible to apply to request more money from Kent Reliance as part of a Transfer of Equity?
• My -ex-husband and I are in the market for a value for money conveyancing lawyer to assist in a transfer of equity and refinance with Kent Reliance. I really don't want to get ripped off and there are so many conveyancing firms who do transfer of equity conveyancing out there...who do I opt for?
• My partner and I equally own a investment property. I am a top rate tax payer. Ideally I wish to do a transfer of equity into her name with a view to mitigate tax on rental income. If Kent Reliance are content with this the legal fees are inexpensive. However what happens when we sell? As I would no longer be on the deeds am I giving up my CGT relief.

Sample of information requested in a conveyancing solicitor form concerning a Kent Reliance Transfer of Equity

General Advice to read in supplemental the above Kent Reliance transfer of equity Advice :

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 Kent Reliance conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

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 conditions are not strictly observed 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 conveyancer will check with Kent Reliance 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 Kent Reliance 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 Kent Reliance Mortgage

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

If Kent Reliance 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 provided on 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.