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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.

Common questions relating to Landmark transfer of equity

  • My Landmark mortgage is in joint names with ex, who is agreeable to be removed and put the house in my name alone. Landmark have consented to the transfer of equity to me solely. Will Landmark get in touch with my boss to confirm my salary?
  • My ex-wife and I are in the market for an affordable conveyancing lawyer to help me sell in a transfer of equity and refinance with Landmark. I am aware of the possibility of getting ripped off and there are various conveyancing firms who do transfer of equity conveyancing to pick from...who's the best?
  • I am thinking of refinancing my home in Miles Platting does my lawyer need to be on the Landmark Solicitor panel. The conveyancing also involves a transfer of equity.
  • What are my options where I am not happy with the conveyancing solicitor who conducted our transfer of equity transaction?
  • In 2013 I bought a property without my fiance’s name on the ownership paperwork. My lawyer claimed it is because she is not in the mortgage with Landmark. I'm wondering is there any way that I can add her name on the documents at HMLR?
  • My existing home loan is with Landmark. Can I transfer equity to someone less than eighteen years old?
  • My friend and I got a joint mortgage with Landmark on a property about a year ago. I am now looking to get a house on my own and my friend would like to buy me out. Once we have agreed a figure what are the next steps? Is there likely to be any problem with Landmark with him being on the hook for the total mortgage rather than only half of it?

Questions that your conveyancing solicitor is likely to ask in relation to your Landmark Transfer of Equity

Has one of the registered owners died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

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?

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

Please provide the details of anyone to be added to the property title?

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

General Advice to read in further to 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 properties

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. 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 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 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 is dependent on the market value 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 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