LenderPanel.com

Find a Law Firm approved by
ITL Mortgages

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.

Examples of recent questions relating to ITL Mortgages transfer of equity

  • I currently have a joint ITL Mortgages mortgage with my cousin and am investigating the possibility of him assuming responsibility for the whole mortgage and extracting myself from it, so as to enable me to purchase a property with my soon-to-be-wife. The outstanding mortgage is in the region 175k, and the property value is in the region 500k. Is this a transfer of equity? Is stamp duty involved?
  • My former wife are planning to get a lawyer in place for a refinance with ITL Mortgages. Transfer of Equity conveyancing is also necessaryI have used the different comparison based websites and the results are from all over UK. Is it important to instruct a lawyer local to us?
  • My brother and I got a joint mortgage with ITL Mortgages on a house about a year ago. I am now thinking of purchasing a house by myself and my friend would like to buy me out. Once we have agreed a figure what happens next? Would there be any potential issue with ITL Mortgages with him being responsible for the total loan rather than only part of it?
  • What if my application doesn't meet ITL Mortgages lending criteria for a transfer of equity?
  • When it comes to transfer of equity conveyancing involving a remortgage with ITL Mortgages should I be charged VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • My decree absolute has gone through as is the consent order. Now I must address the transfer of equity for the property and the ITL Mortgages home loan. I have called ITL Mortgages for the transfer of equity application. What do I do now?
  • I am led to believe we would need at least AP1 and TR1. Is this true?

Examples of information requested in a lawyer questionnaire concerning a ITL Mortgages Transfer of Equity

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

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

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

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 details of those who jointly own the premises with you?

Information to consider in in addition to the above ITL Mortgages transfer of equity Questions and Answers :

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 ITL Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of 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 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 lawyer 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 varies based on the valuation of the property at finalisation of the transfer of equity conveyancing.
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 lawyer 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.

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 ITL Mortgages transfer of equity