LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Landmark Mortgages

Top seven questions relating to Landmark transfer of equity

  • At what stage do I cover the costs of stamp duty chargeable for the transfer of equity in my house in my sole name which is happening simultaneously with a remortgage via Landmark?
  • I plan to remortgage my maisonette in Miles Platting switching from Birmingham Midshires to Landmark. The flat is jointly owned but propose for it to be in my name only once I remortgage. My husband has agreed to this and is happy to sign a form but neither of us want to get a second conveyancing solicitor involved.
  • I already have a mortgage with Landmark and am keeping my existing mortgaging but wish to have have the equity transferred to my sole name so my former partner won't be on it any longer. How long do Landmark take to process the application?
  • I am transferring my equity in flat in Warwick to my co-owners husband, they are reapplying to Landmark. We are haggling as to who should cover the costs of the transfer of equity. Is this normally split or is one party obliged to cover the fees for?
  • My friend and I got a joint mortgage with Landmark on a house in 2013. I am now thinking of purchasing a flat on my own and my friend would like to buy me out. Assuming we can agree a price what are the next steps? Would there be any potential issue with Landmark with him being solely liable for the total mortgage rather than only part of it?
  • Will I incur any charges for a Transfer of Equity where the current mortgage is with Landmark?
  • My former husband are seeking to get a conveyancing solicitor in place for a remortgage with Landmark. Transfer of Equity conveyancing is also requiredI have used the different comparison based services and the results are from all over the country. Do we need to appoint a lawyer local to us?

Examples of questions in a conveyancer form concerning a Landmark Transfer of Equity

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

Have you approached Landmark to seek consent to the Transfer of Equity

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?

Please list all persons who occupy the property, their respective ages and relationships to you.

Would you like us to prepare Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

If you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Important warnings to consider in conjunction with the above Landmark transfer of equity Advice :

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 Landmark conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in violation of the lease. This could trigger 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 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 Landmark 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 Landmark 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 the time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Landmark your property may be repossessed.

Preparing the Transfer of Equity with a Landmark Mortgage

When it comes to preparing the the Land Registry documents your lawyer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Landmark 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.


Frequently asked questions relating to Landmark Mortgages transfer of equity