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Common questions relating to Landmark transfer of equity

  • I am in the market for an affordable conveyancing lawyer to help me sell in a transfer of equity and remortgage with Landmark. I I am fearful of by bill escalating out of control but with plenty conveyancing solicitors who do transfer of equity conveyancing out there...who's the best?
  • I am filling out a Landmark transfer of equity application and have arrived at the questions concerning debts etc. I do some debts that I have been paying off since 2009, in fact they have long since disappeared from my credit records. Do I need to reveal these?
  • I recently bought a property without my partner's name on the title. My conveyancer said it is because she was not in the loan offer with Landmark. I'm wondering is there any way that I can add her name on the documents at HMLR?
  • After 2 a couple of years estranged I have opted to give up my share of our house to my husband who is re-mortgaging with Landmark. Could this transfer of equity be completed inside four weeks?
  • I currently have a joint Landmark mortgage with my cousin and am investigating the feasibility of him assuming responsibility for the outstanding mortgage and extracting myself from it, so as to enable me to purchase somewhere with my partner. The outstanding mortgage is about 300k, and the property value is approx 500k. Is this a transfer of equity? Is land tax payable?
  • Me and a friend got a joint mortgage with Landmark on a property in 2013. I am now thinking of purchasing a apartment by myself and my friend would like to buy me out. Assuming we can agree a figure where do we go? Would there be any potential concerns with Landmark with him being responsible for the total mortgage as opposed to only part of it?
  • Law month I split up with my wife of 18 years. I'm now living with my parents again and she wishes 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 Landmark? I assume proper valuations are necessary but I really need to be confident that I'm getting the best deal

Sample of information requested in a conveyancing solicitor form relating to Landmark Transfer of Equity

Can you give the details of anyone who jointly owns the premises with you?

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Would you like us to draft you Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?

Who will be responsible for the costs of the Transfer of Equity?

Please provide a copy of your National Insurance Number?

Is the transfer of equity subject to a court order? If yes please supply a copy

General Advice to read in supplemental the above Landmark transfer of equity Questions and Answers :

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 premises

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made as a result of 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 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 valuation of the property at the conclusion of the transfer of equity conveyancing.
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 conveyancing solicitor 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content on 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