LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Landmark Mortgages

Common questions relating to Landmark transfer of equity

  • When it comes to transfer of equity conveyancing involving refinance with Landmark should I be invoiced value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • I am trying to find a lawyer to undertake my transfer of equity. Landmark have been approached for a remortgage. I thought of asking my financial adviser. I understand he will likely receive a referral fee for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Any flaws you see in this way of thinking?
  • What if my application doesn't meet Landmark lending criteria for a transfer of equity?
  • As things stand I have a joint Landmark mortgage with my cousin and am looking into the feasibility of him assuming responsibility for the outstanding mortgage and removing myself from it, to enable me to purchase a place with my partner. The outstanding mortgage is approx 175k, and the property value is about 500k. Is this a transfer of equity? Is land tax involved?
  • In 2013 I purchased a flat without my partner's name on the title. My lawyer said it is due to the fact that she was not in the loan offer with Landmark. I'm wondering is there any way that I can put her name on the documents at HMLR?
  • Can I apply to request a further advance from Landmark as part of a Transfer of Equity?
  • What should I be budgeting for when it comes to what solicitors costs are for a transfer of equity? I need to transfer equity and refinance - new loan with Landmark - and have been quoted £250 excluding VAT by Landmark's appointed conveyancing solicitor, Have I been over quoted?

Examples of questions in a conveyancer form relating to Landmark Transfer of Equity

Please give the details of anyone to be removed from the title deeds?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

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?

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

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

Important warnings to consider in supporting the above Landmark transfer of equity Info :

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 premises

If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not complied with 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 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 lawyer 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 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 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.

Content on 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