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Fleet Mortgages

Fleet Mortgages transfer of equity example support desk enquires

  • Taking into account that we have been 5 years estranged I have made the decision to give up my interest in our former home to my husband who is refinancing with Fleet Mortgages. Can a transfer of equity be completed within 28 days?
  • What if my application doesn't meet Fleet Mortgages lending criteria for a transfer of equity?
  • I bought a flat with my cousin five.seven years ago Since buying the property, we have both got married. We are now seeking to do a transfer of equity so my name is removed the Fleet Mortgages mortgage. There is a meaningful difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • Will I incur any fees for a Transfer of Equity where the existing mortgage is with Fleet Mortgages?
  • Been looking at online forums that solicitors are more expensive than conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I need to be transferring equity and simultaneously refinancing with Fleet Mortgages
  • Is it possible to transfer the equity held in my property with my Fleet Mortgages mortgage?
  • I recently purchased a apartment without my partner's name on the ownership paperwork. My lawyer claimed it is due to the fact that she was not in the mortgage with Fleet Mortgages. Is it possible for me to add her name on the title?

Information that may be required from your lawyer may ask in relation to your Fleet Mortgages Transfer of Equity

Please provide a copy of your National Insurance Number?

Has consent been obtained from Fleet Mortgages to the proposed transfer of equity?

Is there to be any payment 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?

Is it the case that one of the registered proprietors passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

Caveats to be read in in addition to the above Fleet Mortgages transfer of equity information :

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 Fleet Mortgages 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 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 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 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 Fleet Mortgages 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 Fleet Mortgages 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 time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Fleet Mortgages.

Preparing the Transfer of Equity with a Fleet Mortgages 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 Fleet Mortgages 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 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 Fleet Mortgages transfer of equity