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Fleet Mortgages

Examples of recent questions relating to Fleet Mortgages transfer of equity

  • I got my Decree Absolute in 2012. Foolishly I never got around to transfer ownership from the current 'joint' status to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Fleet Mortgages is willing to transfer the property and loan in my name (affordability checks done). Does she need a solicitor?
  • Last year purchased a apartment without my fiance’s name on the title documents. My conveyancer said it is due to the fact that she is not in the loan offer with Fleet Mortgages. Is it possible for me to add her name on the documents at HM Land Registry?
  • What is the process for adding or removing names (transfer of equity) to or from my Fleet Mortgages mortgage account?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Fleet Mortgages?
  • I already have a home loan with Fleet Mortgages and am retaining my existing mortgaging but seeking to have have the equity transferred to my name alone so my former partner will be removed from the title. How long does the whole transfer of equity process take?
  • Will I incur any fees for a Transfer of Equity where the current home loan is with Fleet Mortgages?
  • I am hoping to refinance my flat in Littleborough switching from Skipton to Fleet Mortgages. The home is currently in joint names but wish for it to be in my name only as and when I transfer. My former partner has verbally consented to this and is happy to sign a form but neither of us want to incur lawyer fees.

Information that may be required from your conveyancer could ask regarding your Fleet Mortgages Transfer of Equity

Please give the details of anyone to be added to the property title?

Please provide a copy of your National Insurance Number?

Please clarify where you are providing any payment for the Transfer of Equity and to whom and disclose the amount?

Would you like 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)?

Please give the details of those who jointly own the premises with you?

Where you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Information to consider 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

If your property is 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 landlord. If such terms are not adhered to you may be in violation of the lease. This could trigger 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 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 varies based on the market value of the property at the time of completion of the transfer of equity conveyancing.
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 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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information provided 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