Questions and answers: LiveMore transfer of equity

• I am looking for a conveyancer to handle my transfer of equity. LiveMore are dealing with the remortgage. I considered asking my financial adviser. I am lead to believe he may get a referral fee for recommending someone, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Is my logic correct?
• In 2011 I bought a apartment without my wife's name on the title. My lawyer claimed it is due to the fact that she is not in the loan offer with LiveMore. Is it possible for me to put her name on the deeds?
• Is it possible to transfer the equity held in my property with my LiveMore home loan?
• My brother and I got a joint mortgage with LiveMore on a apartment in 2013. I am now looking to get a flat on my own and my friend would like to buy me out. Once we have agreed an amount what happens next? Is there likely to be any problem with LiveMore with him being responsible for the total mortgage rather than only half of it?
• I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
• Me and my partner jointly own a flat in Miles Platting . Mortgage is with LiveMore. I would like to transfer full ownership to him with no payment of money but without using a conveyancer. Is this likely to be simple?
• I am planning on removing a name from a joint mortgage and the LiveMore need me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Timperley lawyer to deal with the transfer of equity? They need to be on the LiveMore conveyancing panel.

Examples of information requested in a lawyer questionnaire concerning a LiveMore Transfer of Equity

Information to consider in further to the above LiveMore 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 LiveMore conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not strictly observed you may be in breach 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 lawyer will check with LiveMore 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 LiveMore 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 market value of the property at finalisation of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a LiveMore 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 LiveMore 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.