Examples of recent questions relating to Landmark transfer of equity

• As things stand I have a joint Landmark mortgage with my step-brother and am looking into the possibility of him taking on the outstanding mortgage and subtracting myself from it, so as to enable me to buy a place with my fiance. The remaining mortgage is about 300k, and the property value is in the region 600k. Is this a transfer of equity? Is land tax involved?
• How do I go about adding or subtracting names (transfer of equity) to or from my Landmark mortgage account?
• Taking into account that we have been three years estranged I have decided to relinquish up my interest in our former home to my husband who is re-mortgaging with Landmark. Could this transfer of equity be done in less than 28 days?
• My ex are looking to get a lawyer in place for a new mortgage with Landmark. Transfer of Equity conveyancing is also neededI have used the different rating based tools and the results are from all over UK. Is it important to appoint a conveyancing solicitor local to us?
• Online reading suggests that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I am transferring equity and at the same time remortgaging with Landmark
• Law month I separated from my partner of twenty years. I'm now back with my parents again and she wishes to stay in the property and pay me off. What portion am I entitled to. Is it half of the equity after redeeming the Landmark home loan? I assume proper valuations are necessary but I would like ensure that I'm getting I am not being taken advantage of
• Landmark yesterday agreed I can take over the mortgage on my home. I have applied for a transfer of equity but is this a transfer of ownership of the house on top?

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

Information to consider in in addition 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 premises

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with 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 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 valuation of the property at the conclusion of the transfer of equity transaction.

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 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.