Recently asked questions relating to West Bromwich Mortgage Company transfer of equity
- What is the process for having someone removed off the title documents to a property if the home loan is with West Bromwich Mortgage Company
- I plan to refinance my flat in Rye
switching from Santander to West Bromwich Mortgage Company. The apartment is currently in joint names but intend for it to be in my name only as and when I switch. My husband is OK with this and is willing to sign a form but neither of us want to get a second conveyancing solicitor involved.
- I am looking for a conveyancer to deal with my transfer of equity. West Bromwich Mortgage Company have been approached for a refinancing. I considered asking my financial adviser. I understand he may receive a referral fee for recommending someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic misguided?
- I am transferring my share of a apartment in Hendon to the other co-owners fiance, they are sticking with West Bromwich Mortgage Company as the the existing lender. We are debating as to who should cover the fees for the transfer of equity. Is this usually split or is one of us obliged to cover the fees for?
- Me and my partner co-own a house in Crabtree
. Home loan is with West Bromwich Mortgage Company. I would like to transfer full ownership to him with no exchange of money but without using a lawyer. Is this likely to be straightforward?
- As things stand I have a joint West Bromwich Mortgage Company mortgage with my brother and am investigating the possibility of him taking on the outstanding mortgage and extracting myself from it, to enable me to buy somewhere with my fiance. The outstanding mortgage is about 250k, and the property value is in the region 450k. Is this a transfer of equity? Is land tax involved?
- Taking into account that we have been 3 years separated I have opted to transfer my interest in our flat to my husband who is re-mortgaging with West Bromwich Mortgage Company. Could this transfer of equity be completed in less than four weeks?
Questions that your conveyancer may ask in relation to your West Bromwich Mortgage Company Transfer of Equity
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please give the details of anyone to be added to the property title?
Is there to be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same
Have you approached West Bromwich Mortgage Company to obtain consent to the Transfer of Equity
Please provide a copy of your National Insurance Number?
Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?
Important warnings to consider in supplemental the above West Bromwich Mortgage Company transfer of equity information :
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 West Bromwich Mortgage Company conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold premises
Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not strictly observed you may be in violation 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 conveyancer will check with West Bromwich Mortgage Company 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 West Bromwich Mortgage Company 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with West Bromwich Mortgage Company.
Preparing the Transfer of Equity with a West Bromwich Mortgage Company 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 West Bromwich Mortgage Company 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 conveyancing solicitor 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.
