LenderPanel.com

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

Examples of recent questions relating to Landmark transfer of equity

  • Can I transfer the equity held in my property with my Landmark mortgage?
  • Is it possible to apply to request more money from Landmark as part of a Transfer of Equity?
  • I am under the impression we would need at least AP1 and TR1. Is this true?
  • I already have a mortgage with Landmark and am retaining my current mortgaging but applying to have have the equity transferred to my name only so my former wife won't be on it any longer. How long do Landmark take to deal with the application?
  • I am answering a Landmark transfer of equity request and have arrived at the questions that asks about defaults etc. I do some debts that I have been reducing over a long period, in fact they have long since disappeared from my credit score. Do I need to set these out?
  • At what stage do I incur the Stamp Duty Land Tax chargeable for the transfer of equity in my house in my sole name which is happening at the same time as a refinancing with Landmark?
  • My existing mortgage is with Landmark. Can I transfer equity to someone under eighteen years old?

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

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

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

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.

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

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?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Information to consider in in addition to 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 titles

If your property is leasehold, the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in 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 conveyancer 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 is dependent on the market value of the property at the time of completion of the transfer of equity transaction.
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 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 conveyancing solicitor 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 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