Examples of recent questions relating to Whistletree transfer of equity

• Law week I split up with my ex of thirty years. I'm now back with my mum and dad and she wants to remain in the flat and pay me off. What percentage am I entitled to. Is it half of the equity after redeeming the mortgage with Whistletree? I assume proper valuations are necessary but I would like to be sure that I'm getting what I am entitled to
• Is it possible to apply to borrow a further advance from Whistletree as part of a Transfer of Equity?
• I co-own a apartment in Crabtree , with a Whistletree mortgage with my ex partner. Him and his fiance are going to buy me out. We had the go ahead from Whistletree to replace my name with hers. The transfer of equity has to be completed by a conveyancer for Whistletree (supposedly). Can we do the Land Registry formalities?
• What is the process for having a person removed from the deeds to a house if the mortgage is with Whistletree
• My -ex-husband and I are are seeking to find an affordable conveyancing lawyer to help me sell in a transfer of equity and refinance with Whistletree. I I am fearful of by bill escalating out of control and there's so many conveyancing solicitors who do transfer of equity conveyancing to pick from...who's the best?
• Whistletree have today agreed I can take over the home loan on my home. I had applied for a transfer of equity but is this a transfer of ownership of the house on top?
• I am completing a Whistletree transfer of equity form and have come to the questions that asks about debts etc. There are some debts that I have been discharging for a number of years, I understand that they have long since disappeared from my credit score. Am I obliged to set these out?

Examples of information requested in a conveyancing solicitor form relating to Whistletree Transfer of Equity

Caveats to be read in supporting the above Whistletree transfer of equity information :

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 Whistletree conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of 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 pursuant to 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 conveyancing solicitor will check with Whistletree 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 Whistletree 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 market value of the property at finalisation of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Whistletree 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 Whistletree 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 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.