Sample questions relating to JPMorgan transfer of equity
- My JPMorgan mortgage we jointly entered into with ex, who is agreeable to come off the deeds and put the house in my name alone. JPMorgan have consented to the transfer of equity to my individual name. Will JPMorgan contact my boss to confirm my salary?
- My existing mortgage is with JPMorgan. Can I transfer equity to someone who is not yet eighteen years old?
- My divorce has gone through as is the consent order. Now I have to sort out the transfer of equity on title deeds and the JPMorgan mortgage. I have asked JPMorgan for the transfer of equity forms. What are my next steps?
- Me and my former partner and I are are looking to find an affordable conveyancing solicitor to assist in a transfer of equity and refinance with JPMorgan. I am aware of the risk of getting ripped off and there's plenty conveyancing practices who do transfer of equity conveyancing out there...how do I know which one to select?
- What if my application doesn't meet JPMorgan lending criteria for a transfer of equity?
- Been reviewing online forums that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I am transferring equity and at the same time switching mortgage with JPMorgan
- I am looking for a conveyancing solicitor to handle my transfer of equity. JPMorgan are dealing with the remortgage. I considered asking my mortgage broker. I understand he may receive a referral fee for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Any flaws you see in this way of thinking?
Sample of questions in a conveyancer questionnaire relating to JPMorgan Transfer of Equity
We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please give the details of anyone to be added to the property title?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Is the transfer of equity subject to a court order? If yes please supply a copy
Who will be responsible for the costs of the Transfer of Equity?
Information to consider in supporting 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 titles
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.
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 varies based on the market value of the property at the conclusion of the transfer of equity conveyancing.
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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.
Information provided on this webpage is for general information and only applies to England and Wales. It should not be regarded as 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.