LenderPanel.com

Find a Law Firm approved by
Landmark Mortgages

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 example support desk enquires

  • When it comes to transfer of equity conveyancing involving refinance with Landmark should I be paying value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
  • What is the process for having someone removed off the title documents to a property if the home loan is with Landmark
  • Is it possible to apply to borrow more money from Landmark as part of a Transfer of Equity?
  • My divorce has gone through as is the consent order. Now I have to sort out the transfer of equity for the property and the Landmark home loan. I have called Landmark for the transfer of equity forms. What happens next?
  • I am filling out a Landmark transfer of equity request and have come to the part that asks about defaults etc. There are some debts that I have been discharging over a long period, in fact they no longer remain my credit rating. Do I need to declare these?
  • My fiance and myself have 50:50 shares in a investment property. I am a higher rate tax payer. Ideally I wish to complete a transfer of equity to her sole name to reduce our tax on the letting income. If Landmark are happy with this the legal fees are inexpensive. What are the implications when we dispose of the property? Would my GGT relief be lost.

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

Is there to be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

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

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

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

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

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

General Advice to read in conjunction with 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

If your property is leasehold, the lease may have a requirement for notices to be served and 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 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 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 finalisation 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 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