LenderPanel.com

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

Sample questions relating to Fleet Mortgages transfer of equity

  • Our mortgage broker has recommended their lawyer for the Transfer of Equity plus remortgage with Fleet Mortgages - Surely it’s advisable to just use them?
  • At what point do I cover the costs of the Stamp Duty Land Tax due for the transfer of equity in my property in my sole name which is taking place simultaneously with a refinancing with Fleet Mortgages?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • I am trying to find a conveyancing solicitor to handle my transfer of equity. Fleet Mortgages are dealing with the remortgage. I thought of asking my financial adviser. I am lead to believe he may receive a kickback for suggesting someone, but also of benefit will be that he knows the lawyer, has dealt with them before. Is my logic flawed?
  • I am in the process of removing a name from a joint mortgage and the Fleet Mortgages need me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Miles Platting lawyer to deal with the transfer of equity? They need to be on the Fleet Mortgages conveyancing panel.
  • My former wife are planning to get a conveyancing solicitor lined up for a refinance with Fleet Mortgages. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over England and Wales. Is it important to instruct a conveyancing solicitor local to us?
  • Is it possible to apply to borrow more money from Fleet Mortgages as part of a Transfer of Equity?

Examples of information requested in a lawyer questionnaire relating to Fleet Mortgages Transfer of Equity

Is it the case that one of the registered owners died? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

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

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

Is the transfer of equity subject to a court order? If yes please supply a copy

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

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

Information to consider in in addition to the above Fleet Mortgages transfer of equity Questions and Answers :

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 Fleet Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. 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 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 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 valuation 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 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 lawyer 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