Top seven questions relating to Leek BS transfer of equity

• What can I do where I am unhappy with the lawyer who carried out my transfer of equity transaction?
• My decree absolute is through as is the consent order. Now I need to deal with the transfer of equity on title deeds and the Leek BS home loan. I have asked Leek BS for the transfer of equity application. What happens next?
• Have recently split up with my wife of thirty years. I'm now living with my parents again and she wants to remain in the flat and buy me out. What percentage am I entitled to. Is it half of the equity after paying off the Leek BS home loan? I assume proper valuations are necessary but I really need ensure that I'm getting what I am entitled to
• I am remortgaging my apartment in Timperley does my lawyer have to be on the Leek BS Conveyancing panel. The conveyancing also involves a transfer of equity.
• I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
• What if my application doesn't meet Leek BS lending criteria for a transfer of equity?
• My partner and I co-own a house in Heathfield . Home loan is with Leek BS. I want to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be easy to so?

Questions that your lawyer may ask in relation to your Leek BS Transfer of Equity

Information to consider in conjunction with the above Leek BS 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 Leek BS conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of 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 Leek BS 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 Leek BS 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 transaction.

Preparing the Transfer of Equity with a Leek BS 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 Leek BS 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 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.