Common questions relating to JPMorgan transfer of equity
- What can I do where I am dissatisfied with the conveyancer who did our transfer of equity transaction?
- I am am in need of a lawyer to undertake my transfer of equity. JPMorgan have been approached for a refinancing. I thought of asking my mortgage broker. I understand he may get a referral fee for suggesting someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Any flaws you see in this way of thinking?
- Having been four years estranged I have made the decision to give up my interest in the property to my husband who is re-mortgaging with JPMorgan. Can a transfer of equity be completed within four weeks?
- Me and my former fiance and I are are seeking to find a trustworthy conveyancing lawyer to assist in a transfer of equity and remortgage with JPMorgan. I really don't want to get ripped off and there's so many conveyancing practices who do transfer of equity conveyancing out there...who do I opt for?
- I acquired a property with my brother in 2010 Since then, we have both got married. We are now intending to do a transfer of equity so my name is removed the JPMorgan mortgage. There is a 40k difference between the value the lender hold and what the property would sell for currently. Can you offer any advice?
- I co-own a apartment in Romsey
, with a JPMorgan loan with my ex husband. Him and his new partner are going to buy me out. We had approval from JPMorgan to substitute my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for JPMorgan (supposedly). In order to save fees can I do the Land Registry formalities?
- Me and my partner jointly own a flat in Winchelsea
. Home loan is with JPMorgan. I want to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Do you think this should be straightforward?
Examples of questions in a conveyancer questionnaire relating to JPMorgan 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?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Please give the details of anyone to be extracted from the property title?
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?
Caveats to be read in supporting the above JPMorgan 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 JPMorgan conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold titles
If your property is leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 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 lawyer 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 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.