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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.

Landmark transfer of equity: q and a’s

  • My divorce has gone through as is the consent order. Now I need to sort out the transfer of equity at the HMLR and the Landmark home loan. I have asked Landmark for the transfer of equity forms. What are my next steps?
  • I bought a flat with a friend in 2009 Since buying the property, we have both got married. We are now seeking to do a transfer of equity so my name comes off the Landmark mortgage. There is a 40k difference between the value the mortgage company say and what the property would sell for currently. Can you offer any advice?
  • My Landmark mortgage we jointly entered into with ex, who has agreed to come off the mortgage and let me have the property. Landmark have consented to the transfer of equity to me solely. Do Landmark call my employer to check my salary?
  • My current home loan is with Landmark. Can I transfer equity to someone less than 18 years old?
  • I am looking for a conveyancer to deal with my transfer of equity. Landmark are dealing with the refinancing. I considered asking my financial adviser. I understand he will likely get a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Is my logic misguided?
  • Me and my partner co-own a house in Crabtree . Home loan is with Landmark. I wish to transfer full ownership to him with no passing of money but without using a lawyer. Is this likely to be easy to so?
  • Landmark yesterday agreed I can take over the home loan on the house. I had applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds on top?

Questions that your conveyancing solicitor could ask regarding your Landmark Transfer of Equity

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

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

Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

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?

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

Please give the name(s) and addresse(s) of anyone to be extracted from the property title?

Information to consider in further to the above Landmark transfer of equity Info :

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

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such restrictions are not strictly observed 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 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 time of completion 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 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.

Information contained within 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