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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.

Examples of recent questions relating to ITL Mortgages transfer of equity

  • Me and my former partner and I are searching for an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with ITL Mortgages. I really don't want to get ripped off and there's various conveyancing practices who do transfer of equity conveyancing out there...who's the best?
  • I purchased a property with my brother in 2008 Since then, we have both got married. We are now seeking to do a transfer of equity so my name comes off the ITL Mortgages mortgage. There is a significant difference between the value the mortgage company say and what the property would sell for currently. Can you offer any advice?
  • I am disposing of my share of a flat in Birmingham to my co-owners fiance, they are sticking with ITL Mortgages being the the existing lender. We are debating as to who must pay the charges for the transfer of equity. Should this be shared or is one party obliged to cover the costs of?
  • Am I best advised stop the direct debit for my mortgage with ITL Mortgages as soon as a date for my remortgage and transfer of equity has been set?
  • Been looking at online forums that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I need to be transferring equity and at the same time switching mortgage with ITL Mortgages
  • 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
  • Law month I separated from my wife of twenty years. I'm now back with my mum and dad and she wants to stay in the flat and pay me off. What portion do I get. Is it half of the equity after redeeming the ITL Mortgages home loan? I assume proper valuations are necessary but I would like to be confident that I'm getting the best deal

Sample of information requested in a conveyancer form concerning a ITL Mortgages Transfer of Equity

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

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

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Is it the case that one of the registered owners died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)

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

Caveats to be read in supporting the above ITL Mortgages transfer of equity Advice :

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 titles

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with 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 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 is dependent 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