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Fleet Mortgages

Sample questions relating to Fleet Mortgages transfer of equity

  • I own a property in Littleborough , with a Fleet Mortgages mortgage with my ex partner. He and his fiance are going to acquire my share. We had the go ahead from Fleet Mortgages to substitute my name with hers. The transfer of equity needs to be completed by a conveyancer for Fleet Mortgages (supposedly). Is it possible for us to deal with the Land Registry formalities?
  • Can I transfer the equity held in my property with my Fleet Mortgages mortgage?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Fleet Mortgages?
  • Two years ago I bought a flat without my fiance’s name on the ownership paperwork. My conveyancer advised it is because she is not in the loan offer with Fleet Mortgages. I'm wondering is there any way that I can put her name on the deeds?
  • I am in the process of refinancing my flat in Winchelsea does my lawyer have to be on the Fleet Mortgages Conveyancing panel. The conveyancing also involves a transfer of equity.
  • I plan to refinance my maisonette in Heathfield changing from Accord to Fleet Mortgages. The flat is jointly owned but propose for it to be in my sole name as and when I transfer. My wife is OK with this and is happy to transfer equity but neither of us want to incur lawyer fees.
  • As things stand I have a joint Fleet Mortgages mortgage with my cousin and am investigating the possibility of him assuming responsibility for the whole mortgage and removing myself from it, to enable me to purchase a property with my partner. The remaining mortgage is about 300k, and the property value is about 450k. Is this a transfer of equity? Is stamp duty due?

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

Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

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

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

Where you are adding a person 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.

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

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

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 titles

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to 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 valuation of the property at the time of completion 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 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