Examples of recent questions relating to Vida Homeloans transfer of equity

• I bought a house with my cousin six years ago Since then, we have both got married. We are now looking to do a transfer of equity so my name comes off the Vida Homeloans mortgage. There is a 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
• My friend and I got a joint mortgage with Vida Homeloans on a property in 2013. I am now looking to get a apartment by myself and my friend would like to buy me out. On the basis that we can settle on a price what happens next? Is there likely to be any issue with Vida Homeloans with him being on the hook for the total loan rather than only half of it?
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with Vida Homeloans?
• How do I go about adding or removing names (transfer of equity) to or from my Vida Homeloans mortgage account?
• Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Vida Homeloans?
• I am trying to find a conveyancing solicitor to undertake my transfer of equity. Vida Homeloans are dealing with the remortgage. I thought of asking my financial adviser. I am lead to believe he will likely receive a referral fee for suggesting a firm, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Any flaws you see in this way of thinking?
• My Vida Homeloans home loan is in joint names with ex, he has agreed to come off the mortgage and let me have the property. Vida Homeloans will permit the transfer of equity to me solely. Do Vida Homeloans write my employer to check my salary?

Information that may be required from your lawyer is likely to ask in relation to your Vida Homeloans Transfer of Equity

Information to consider in supporting the above Vida Homeloans 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 Vida Homeloans conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

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 complied with 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 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 conveyancing solicitor will check with Vida Homeloans 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 Vida Homeloans 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 valuation of the property at the conclusion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Vida Homeloans 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 Vida Homeloans 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 contained within 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.