Recently asked questions relating to JPMorgan transfer of equity

• I plan to refinance my home in Dunnington changing from Barclays to JPMorgan. The maisonette is currently in joint names but intend for it to be in my sole name when I remortgage. My husband is OK with this and is willing to sign a form but neither of us want to incur conveyancing solicitor charges.
• As things stand I have a joint JPMorgan mortgage with my step-brother and am investigating the feasibility of him taking on the whole mortgage and subtracting myself from it, so as to enable me to buy somewhere with my fiance. The outstanding mortgage is in the region 300k, and the property value is approx 500k. Is this a transfer of equity? Is stamp duty payable?
• Will I have to pay any charges for a Transfer of Equity where the current mortgage is with JPMorgan?
• Been reviewing 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 need to be transferring equity and simultaneously refinancing with JPMorgan
• I am in the process of removing a name from a joint mortgage and the JPMorgan require me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Crabtree conveyancer to deal with the transfer of equity? They need to be on the JPMorgan conveyancing panel.
• Having been 4 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 inside four weeks?
• I am refinancing my flat in Blaenavon does my lawyer have to be on the JPMorgan Solicitor panel. The conveyancing also involves a transfer of equity.

Questions that your conveyancing solicitor may ask regarding your JPMorgan Transfer of Equity

General Advice to read in further to the above JPMorgan transfer of equity Info :

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 properties

If your property is leasehold, the lease may require that you obtain the consent of the landlord. 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 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 market value of the property at the conclusion of the transfer of equity transaction.

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.

Content 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.