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JPMorgan

Examples of recent questions relating to JPMorgan transfer of equity

  • What do I do if I am dissatisfied with the conveyancing solicitor who conducted our transfer of equity transaction?
  • At what point do I pay stamp duty chargeable for the transfer of equity in my house in my sole name which is taking place at the same time as a refinancing via JPMorgan?
  • JPMorgan yesterday agreed I can take over the home loan on the flat. I had applied for a transfer of equity but is this a transfer of ownership at the Land Registry in addition?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with JPMorgan?
  • I am looking for a conveyancer to deal with my transfer of equity. JPMorgan have been approached for a refinancing. I thought of asking my financial adviser. I understand he will likely receive a kickback for recommending someone, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Is my logic flawed?
  • How do I go about adding or subtracting names (transfer of equity) to or from my JPMorgan mortgage account?
  • My father passed away early last year leaving a mortgage-free house to me and my brother equally. He has always lived in the house, there was a clause in her will saying the propertycould not be sold for three years following her death so he could reside there for a while. He now wants to remain in the house beyond the specified 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 home loan in the usual way to acquire my share?

Examples of questions in a conveyancer questionnaire relating to JPMorgan Transfer of Equity

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 the same

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)

Please provide the name(s) and addresse(s) of anyone to be removed from the property title?

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

Have you approached JPMorgan to obtain consent to the Transfer of Equity

Can you provide the name(s) and addresse(s) of anyone who jointly owns the property with you?

General Advice to read in in addition to 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 premises

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not complied with you may be in violation of the lease. This could potentially result in 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 the time of completion 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.

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.


Frequently asked questions relating to JPMorgan transfer of equity