Sample questions relating to West Bromwich Mortgage Company transfer of equity

• What should I be budgeting for when it comes to what solicitors costs are for a transfer of equity? I need to transfer equity and refinance - moving over to West Bromwich Mortgage Company - and have been quoted Three Hundred pounds excluding VAT by West Bromwich Mortgage Company's approved lawyer, Have I been over quoted?
• What legal advice do I need when doing a transfer of equity where the mortgage is to remain with West Bromwich Mortgage Company?
• I am thinking of remortgaging my flat in Ampthill does my lawyer need to be on the West Bromwich Mortgage Company Solicitor panel. The conveyancing also involves a transfer of equity.
• Me and my former husband and I are searching for an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with West Bromwich Mortgage Company. I I am fearful of appointing the wrong one and there's lots of conveyancing organisations who do transfer of equity conveyancing out there...who do I opt for?
• What do I do if I am dissatisfied with the conveyancing solicitor who conducted our transfer of equity transaction?
• My fiance and myself have 50:50 shares in a BTL. I am a higher rate tax payer. Preferably I wish to do a transfer of equity to her sole name with a view to reduce our tax on rental income. If West Bromwich Mortgage Company are happy with this the legal fees are not high. What are the implications when we dispose of the property? As I would no longer be on the title documents would I lose my CGT relief.
• I got my Decree Absolute in 2012. For some reason I never got around to change the ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. West Bromwich Mortgage Company is happy to transfer the property and loan in my name (affordability checks done). Does my ex need any legal representation?

Questions that your lawyer could ask about your West Bromwich Mortgage Company Transfer of Equity

Caveats to be read in further to the above West Bromwich Mortgage Company transfer of equity Questions and Answers :

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 West Bromwich Mortgage Company conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be 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 terms are not adhered to 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 conveyancing solicitor 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 valuation of the property at finalisation of the transfer of equity conveyancing.

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 contained within 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.