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ITL Mortgages

Examples of recent questions relating to ITL Mortgages transfer of equity

  • How and when do I pay stamp duty due for the transfer of equity in my home in my name alone which is taking place simultaneously with a remortgage via ITL Mortgages?
  • Can you tell me how to have a person removed from the deeds to a property if the home loan is with ITL Mortgages
  • My divorce has gone through as is the consent order. Now I must address the transfer of equity on title deeds and the ITL Mortgages home loan. I have called ITL Mortgages for the transfer of equity application. What happens next?
  • My ITL Mortgages mortgage is in joint names with ex, who is agreeable to come off the deeds and put the house in my name alone. ITL Mortgages have consented to the transfer of equity to my individual name. Will ITL Mortgages call my employer to check my salary?
  • ITL Mortgages have today agreed I can take over the mortgage on the house. I had applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry on top?
  • Can I transfer the equity held in my property with my ITL Mortgages mortgage?
  • Been looking at online blogs that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I am transferring equity and simultaneously refinancing with ITL Mortgages

Sample of questions in a conveyancer questionnaire relating to ITL Mortgages Transfer of Equity

Has one of the registered proprietors died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Who will be responsible for the costs of the Transfer of Equity?

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

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

Please give the details of anyone to be removed from the title deeds?

Please provide the details of anyone to be added to the title deeds?

Information to consider in further to the above ITL 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 ITL Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, 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 terms are not adhered to you may be in breach 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 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 ITL 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 ITL 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.
If you do not keep up the payments on your mortgage with ITL Mortgages your property may be repossessed.

Preparing the Transfer of Equity with a ITL 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 ITL 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.

Information contained within 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.


Frequently asked questions relating to ITL Mortgages transfer of equity