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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.

Questions and answers: Landmark transfer of equity

  • Can I apply to request a further advance from Landmark as part of a Transfer of Equity?
  • I am completing a Landmark transfer of equity form and have arrived at the section that asks about debts etc. There are some debts that I have been reducing for a number of years, I understand that they no longer remain my credit rating. Do I need to set these out?
  • Law month I split up with my partner of thirty years. I'm now back with my parents again and she wants to stay in the property and pay me off. What percentage 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
  • I am in the process of refinancing my property in Romsey does my lawyer have to be on the Landmark Solicitor panel. The conveyancing also involves a transfer of equity.
  • Landmark yesterday agreed I can take over the mortgage on my home. I previously applied for a transfer of equity but is this a transfer of ownership of the title deeds on top?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Landmark?
  • I am hoping to refinance my home in Ampthill changing from Leeds Building Society to Landmark. The flat is currently in joint names but intend for it to be in my sole name when I transfer. My former partner has verbally consented to this and is willing to sign a form but neither of us want to incur lawyer charges.

Sample of information requested in a conveyancer form concerning a Landmark Transfer of Equity

Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

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

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

Please give the name(s) and addresse(s) of anyone who jointly owns the property with you?

If you are adding someone 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” Form.

Information to consider in conjunction with the above Landmark transfer of equity Advice :

Tax and Legal

There are numerous potential 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, provisions in the lease may require that you have a license to do so from the landlord. 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 as a result of an Order of the Court, then Insolvency Indemnity Insurance is not required. In other situations, 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 varies based on the market value 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 conveyancer 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.


Frequently asked questions relating to Landmark Mortgages transfer of equity