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Are you in need of a Transfer of Equity with a JPMorgan Chase Bank, N.A. mortgage? Failing to check that a lawyer is on the JPMorgan Chase Bank, N.A. list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Recently asked questions relating to JPMorgan transfer of equity

  • My current mortgage is with JPMorgan. Can I transfer equity to someone under eighteen years old?
  • My wife and myself have equal shares in a BTL. I am a higher rate tax payer. Ideally I wish to do a transfer of equity to her sole name to mitigate tax on rental income. If JPMorgan are fine with this the legal fees are not prohibitive. However what happens when we dispose of the property? Would my GGT relief be lost.
  • I already have a home loan with JPMorgan and am keeping my current mortgaging but applying to have it in my name only so my ex will be removed from the deeds. How long do JPMorgan take to process the application?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with JPMorgan?
  • My mother died seven months ago leaving a unencumbered property to me and my half brother 50:50. Having continues to reside at the house, there was a provision in her will specifying that the propertycould not be sold for 2 years after her death so he could remain there for a while. He now wishes to remain in the property beyond the prescribed period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a mortgage in the conventional way to buy my half from me?
  • What should I be budgeting for when it comes to what solicitors fees are for a transfer of equity? I'm in the process of remortgaging - new loan with JPMorgan - and have been quoted £250 excluding VAT by JPMorgan's appointed conveyancer, Is this a reasonable price?
  • What if my application doesn't meet JPMorgan lending criteria for a transfer of equity?

Information that may be required from your lawyer could ask in relation to your JPMorgan Transfer of Equity

Has consent been obtained from JPMorgan to the proposed transfer of equity?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

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

Who will be responsible for the costs of the Transfer of Equity?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Information to consider in in addition to the above JPMorgan transfer of equity information :

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 have a license to do so from 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 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 the conclusion of the transfer of equity conveyancing.
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 lawyer 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