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Recently asked questions relating to JPMorgan transfer of equity

  • I bought a flat with my cousin in 2010 Since purchasing the property, we have both got married. We are now intending to do a transfer of equity so my name comes off the JPMorgan mortgage. There is a meaningful difference between the value the lender hold and what the property would sell for currently. Can you offer any advice?
  • My partner and I co-own a house in Romsey . Home loan is with JPMorgan. I wish to transfer full ownership to him with no exchange of money but without using a conveyancer. Do you think this should be easy to so?
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with JPMorgan?
  • I am remortgaging my property in Dunnington does my lawyer have to be on the JPMorgan Solicitor panel. The conveyancing also involves a transfer of equity.
  • I am planning on removing a name from a joint mortgage and the JPMorgan need me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Ampthill conveyancer to deal with the transfer of equity? They need to be on the JPMorgan conveyancing panel.
  • Me and a friend got a joint mortgage with JPMorgan on a house a couple of years ago. I am now thinking of buying a apartment by myself and my friend would like to buy me out. Once we have agreed an amount what are the next steps? Would there be any potential concerns with JPMorgan with him being responsible for the total mortgage rather than only half of it?
  • What is the process for having someone removed from the deeds to a property where the mortgage is with JPMorgan

Examples of questions in a conveyancing solicitor form relating to JPMorgan Transfer of Equity

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

Can you provide the name(s) and addresse(s) of those who jointly own the premises with you?

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

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

Is there to be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what amounts

Important warnings to consider in in addition to the above JPMorgan 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 JPMorgan conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation 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 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 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 is dependent on the valuation of the property at finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with JPMorgan.

Preparing the Transfer of Equity with a JPMorgan Mortgage

When it comes to preparing the the Land Registry documents your conveyancer 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.

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 JPMorgan transfer of equity