LendInvest transfer of equity example support desk enquires

• My LendInvest home loan we jointly entered into with ex, who has agreed to be removed and put the house in my name alone. LendInvest have consented to the transfer of equity to my individual name. Do LendInvest write my employer to confirm my salary?
• Given that we have been 4 years estranged I have decided to transfer my share of the house to my husband who is refinancing with LendInvest. Can a transfer of equity be completed in less than 28 days?
• LendInvest have just agreed I can take over the mortgage on my home. I have applied for a transfer of equity but is this a transfer of ownership of the house on top?
• Is it sensible to stop the direct debit for my mortgage with LendInvest as soon as a date for my remortgage and transfer of equity has been agreed?
• When it comes to transfer of equity conveyancing involving refinance with LendInvest should I be paying value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• My ex-fiance and I are in the market for a quality conveyancing lawyer to assist in a transfer of equity and refinance with LendInvest. I I am fearful of appointing the wrong one but with plenty conveyancing organisations who do transfer of equity conveyancing to choose from...how do I know which is best appoint?
• I am considering refinancing my property in Rye does my lawyer need to be on the LendInvest Conveyancing panel. The conveyancing also involves a transfer of equity.

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

General Advice to read in further to the above LendInvest transfer of equity Info :

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 LendInvest 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 terms are not adhered to you may be in violation of 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 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 lawyer will check with LendInvest 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 LendInvest 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 the conclusion of the transfer of equity transaction.

Preparing the Transfer of Equity with a LendInvest 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 LendInvest 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.

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.