Examples of recent questions relating to Fleet Mortgages transfer of equity

• Is there such a thing a transfer of equity stamp duty calculator?
• Am I best advised stop my mortgage payments with Fleet Mortgages once a date for my remortgage and transfer of equity has been agreed?
• I jointly own a flat in Ampthill , with a Fleet Mortgages loan with my ex husband. He and his new partner are going to buy me out. We had approval from Fleet Mortgages to replace my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Fleet Mortgages (supposedly). Is it possible for us to deal with the Land Registry formalities?
• My decree absolute has gone through as is the consent order. Now I need to address the transfer of equity on title deeds and the Fleet Mortgages mortgage. I have asked Fleet Mortgages for the transfer of equity application. What are my next steps?
• Will I incur any fees for a Transfer of Equity where the existing mortgage is with Fleet Mortgages?
• My dad died seven months ago leaving a loan-free property to me and my brother in equal shared. He has always lived in the premises, there was a condition in her will specifying that the housecould not be sold for three years after her death so he could reside there for a while. He now says he would like to remain in the property beyond the prescribed period. We have discussed a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the conventional way to purchase my share?
• I am trying to find a lawyer to handle my transfer of equity. Fleet Mortgages are dealing with the remortgage. I considered asking my financial adviser. I understand he will likely receive a referral fee for suggesting someone, 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?

Examples of questions in a conveyancer questionnaire relating to Fleet Mortgages Transfer of Equity

Caveats to be read in supporting the above Fleet Mortgages 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 Fleet Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not strictly observed 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 varies based on the valuation of the property at finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a Fleet Mortgages 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 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 conveyancer 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.