LenderPanel.com

Find a Law Firm approved by
Landmark Mortgages

Are you in need of a Transfer of Equity with a Landmark Mortgages Limited mortgage? Failing to check that a lawyer is on the Landmark Mortgages Limited list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Sample questions relating to Landmark transfer of equity

  • My fiance and myself equally own a BTL. I am a top rate tax payer. Preferably I wish to do a transfer of equity to her sole name with a view to reduce our tax on the letting income. Assuming Landmark are content with this the legal fees are inexpensive. However what happens when we sell? Would my GGT relief be lost.
  • What can I do where I am dissatisfied with the lawyer who undertook our transfer of equity conveyancing?
  • Is it sensible to stop the direct debit for my mortgage with Landmark once a date for my remortgage and transfer of equity has been set?
  • My friend and I got a joint mortgage with Landmark on a house in 2013. I am now thinking of buying a flat by myself and my friend would like to buy me out. On the basis that we can settle on a figure what happens next? Is there likely to be any problem with Landmark with him being solely liable for the total mortgage as opposed to only half of it?
  • My mum died early last year leaving a unencumbered property to me and my step brother in equal shared. Having continues to reside at the property, there was a condition in her will saying the housecould not be sold for three years after her death so he could remain there for a while. He now wants to remain in the house beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a mortgage in the conventional way to buy my share?
  • Landmark have today agreed I can take over the mortgage on my home. I had applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry on top?
  • I am in the process of refinancing my house in Littleborough does my lawyer have to be on the Landmark Solicitor panel. The conveyancing also involves a transfer of equity.

Sample of information requested in a lawyer questionnaire relating to Landmark Transfer of Equity

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Is it the case that one of the registered owners died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Has consent been obtained from Landmark to the proposed transfer of equity?

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

Please clarify if you are providing any payment for the Transfer of Equity and to whom and disclose the amount?

Important warnings to consider in in addition to the above Landmark 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 Landmark conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in breach 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 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 lawyer 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 conclusion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Landmark.

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 contained within this webpage is for general information and only applies to England and Wales. It does not constitute 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