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

Top seven questions relating to ITL Mortgages transfer of equity

  • I am transferring my equity in property in Birmingham to my co-owners husband, they are sticking with ITL Mortgages as the the existing mortgage company. We are debating as to who should pay the legal bill for the transfer of equity. Should this be shared or is one of us obliged to cover the charges for?
  • My former husband are seeking to get a conveyancer in place for a remortgage with ITL Mortgages. Transfer of Equity conveyancing is also necessaryI have used the different rating based websites and the results are from all over UK. Do we need to have a conveyancing solicitor local to us?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with ITL Mortgages?
  • My ITL Mortgages mortgage we jointly entered into with ex, who has agreed to come off the mortgage and let me have the property. ITL Mortgages have consented to the transfer of equity to my individual name. Do ITL Mortgages get in touch with my company to check my salary?
  • My decree absolute 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?
  • Me and my partner jointly own a house in Winchelsea . Home loan is with ITL Mortgages. I want to transfer full ownership to him with no exchange of money but without using a conveyancer. Do you think this should be simple?
  • I am answering a ITL Mortgages transfer of equity form and have come to the questions concerning debts etc. There are some debts that I have been reducing for a number of years, in fact they have long since disappeared from my credit rating. Do I need to disclose these?

Information that may be required from your conveyancer is likely to ask about your ITL Mortgages Transfer of Equity

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

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

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

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?

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

General Advice to read in supporting the above ITL Mortgages transfer of equity information :

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 properties

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 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 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 conveyancer 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 time of completion 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 lawyer 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 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 ITL Mortgages transfer of equity