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Thomas Judge
Thomas Judge, Lawyer
Category: Property Law
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Experience:  Over 20 years experience
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I have a question regarding the conveyencing surrounding

Resolved Question:

Hello I have a question regarding the conveyencing surrounding a mortgage / remortgage?
Submitted: 2 years ago.
Category: Property Law
Expert:  Thomas Judge replied 2 years ago.
What is the question
Customer: replied 2 years ago.

Hello

I was recently doing a re mortgage and on the questionnaire I completed for the solicitor it asked:

Has the property been subject to any transfers in the last five years?

Can I ask what it is exactly referring to and why this would be asked?

Thank you

Expert:  Thomas Judge replied 2 years ago.
I see.A transfer of equity such as this is a transaction where legal ownership of a property changes hands but at least one of the original owners remains on the title. For example a couple may transfer a property into the sole name of one or other of them or a joint owner may be added to the title.One reason for a person completing a transfer of equity is to prevent his creditors from being able to claim some or all of the equity in the property in the event he becomes bankrupt. The trustee in bankruptcy however has powers to set aside transfers that were for less than the market value of the property (or the share). He can do this in respect of any transfer that has been carried out within the last 5 years. Once the transfer is set aside the trustee will be entitled to the equity in the property on behalf of the creditors.I hope this helps. Please remember to rate positively.
Customer: replied 2 years ago.

Hello there,

Yes, I follow.

I understood any solicitor dealing with a Transfer of Equity would take out an insurance policy to protect against that; is that not true?

Does less than market share apply even if the person receiving half of the property takes on half the O/S mortgage debt?

Thank you

Expert:  Thomas Judge replied 2 years ago.
You would need to check with you solicitor whether he was taking out an insurance. To your second question - yes it can do.I hope this helps. Please remember to rate positively.
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