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JPMorgan

Examples of recent questions relating to JPMorgan transfer of equity

  • Am I best advised cancel the direct debit for my mortgage with JPMorgan as soon as a date for my remortgage and transfer of equity has been set?
  • Have recently separated from my partner of thirty years. I'm now living with my parents again and she wishes to stay in the flat and pay me off. What portion am I entitled to. Is it 50% of the equity after paying off the mortgage with JPMorgan? I assume proper valuations are necessary but I would like ensure that I'm getting the best deal
  • How much the typical legal fees are for a transfer of equity? I'm in the process of remortgaging - moving over to JPMorgan - and have been quoted Three Hundred pounds plus VAT by JPMorgan's approved lawyer, Is this is a good price or not?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with JPMorgan?
  • Can I transfer the equity held in my property with my JPMorgan mortgage?
  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with JPMorgan?
  • Taking into account that we have been 5 years separated I have made the decision to transfer my share of our former home to my husband who is re-mortgaging with JPMorgan. Could this transfer of equity be done within 28 days?

Questions that your conveyancer may ask regarding your JPMorgan Transfer of Equity

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

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

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

Please confirm if you are making any payment for the Transfer of Equity and to whom and give details of the amount?

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

Please list all persons who occupy the property, their respective ages and relationships to you.

Important warnings to consider in in addition to the above JPMorgan transfer of equity Info :

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 JPMorgan conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed 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 conveyancer will check with JPMorgan 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 JPMorgan 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 market value of the property at the conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with JPMorgan your property may be repossessed.

Preparing the Transfer of Equity with a JPMorgan 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 JPMorgan 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 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 JPMorgan transfer of equity