Recently asked questions relating to JPMorgan transfer of equity

• Been looking at consumer forums that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I am transferring equity and simultaneously switching mortgage with JPMorgan
• Me and my former wife and I are searching for a value for money conveyancing lawyer to assist in a transfer of equity and refinance with JPMorgan. I I am fearful of being overcharged but with many conveyancing practices who do transfer of equity conveyancing to pick from...who's the best?
• My dad died last March leaving a unencumbered semi to me and my brother 50:50. Having continues to reside at the premises, there was a provision in the will saying the propertycould not be sold for 2 years following her passing so he could reside there for a specified time frame. He now wants to remain in the house beyond the prescribed period. We have considered a transfer of equity. Am I right in saying we'd get a valuation then he'd get a home loan in the conventional way to acquire my share?
• What if my application doesn't meet JPMorgan lending criteria for a transfer of equity?
• My wife and myself have 50:50 shares in a buy to let. I am a top rate tax payer. Preferably I wish to complete a transfer of equity to her sole name in order reduce our tax on the letting income. Assuming JPMorgan are happy with this the legal fees are not high. What are the implications when we sell? Would my GGT relief be lost.
• Is it sensible to stop the direct debit for my mortgage with JPMorgan once a date for my remortgage and transfer of equity has been agreed?
• What is the process for having a person removed from the deeds to a house where the mortgage is with JPMorgan

Questions that your conveyancing solicitor is likely to ask in relation to your JPMorgan Transfer of Equity

Important warnings to consider in in addition to the above JPMorgan 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 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 have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of 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 conveyancing solicitor 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 market value of the property at the conclusion of the transfer of equity conveyancing.

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.

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.