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Are you in need of a Transfer of Equity with a Fleet Mortgages mortgage? Failing to check that a lawyer is on the Fleet Mortgages 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.

Fleet Mortgages transfer of equity: q and a’s

  • What is the process for having a person removed off the title documents to a property if the mortgage is with Fleet Mortgages
  • After four years apart I have made the decision to relinquish up my share of the house to my husband who is re-mortgaging with Fleet Mortgages. Can a transfer of equity be completed within 28 days?
  • Our financial adviser has suggested using their conveyancing solicitor for the Transfer of Equity plus remortgage with Fleet Mortgages - Surely it’s easier to just instruct them?
  • How much the typical conveyancing fees are for a transfer of equity? I need to transfer equity and refinance - new loan with Fleet Mortgages - and have been quoted £350 excluding VAT by Fleet Mortgages's appointed conveyancing solicitor, Is this is a good price or not?
  • My partner and I equally own a BTL. I am a higher rate tax payer. Preferably I would like to complete a transfer of equity to her sole name with a view to mitigate tax on rental income. Assuming Fleet Mortgages are happy with this the legal fees are inexpensive. However what happens when we dispose of the property? Would my GGT relief be lost.
  • What can I do where I am dissatisfied with the conveyancing solicitor who conducted our transfer of equity transaction?
  • My brother and I got a joint mortgage with Fleet Mortgages on a house about a year ago. I am now looking to get a flat by myself and my friend would like to buy me out. Once we have agreed a price what are the next steps? Is there likely to be any issue with Fleet Mortgages with him being solely liable for the total loan as opposed to only part of it?

Examples of questions in a lawyer questionnaire concerning a Fleet Mortgages Transfer of Equity

Can you give the details of anyone who jointly owns the property with you?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

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

Has one of the registered owners died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what amounts

General Advice to read in in addition to the above Fleet Mortgages transfer of equity Info :

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 properties

Should the tenure of your property be leasehold, provisions in 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 violation of your covenants under the lease. This could trigger 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 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 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 market value of the property at finalisation of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Fleet Mortgages your property may be repossessed.

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 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