• Transfer Of Equity 2

    By Guest on 16th Oct 2014

    I have a few quotes for a transfer of equity from local solicitors and they vary considerably but they all have different elements listed.
    The most comprehensive quote includes:
    Declaration of insolvency, Bankruptcy search, and insolvency indemnity policy, land registry search,land registry copies and a land registry fees. Do I need all the above doing and if so the quotes I have received missing some of those elements off would be incomplete and those fees would still be added later, do I have that correct?

  • 1 Answers

    By Guest on 07/12/2014

    All of the things you list would I think be required provided you are paying less than market value for the outgoing owner's share (or as may be the case, the incoming owner is paying less than market value for the share he is acquiring). The only exception might be the insolvency indemnity insurance. This is only required if a new mortgage is being taken out as part of the process. When there is a transfer for less than market value and the person who has given up all or part of his interest subsequently goes bankrupt the trustee in bankruptcy can overturn the transfer if he can show that the intention was to put the bankrupt's property beyond the reach of his creditors. The indemnity insurance is to protect the lender if this happens but it will not protect the person who acquired the share since that person would have to be a party to the fraud for the trustee to be successful and so the insurance would be void as far as the fraudster is concerned

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