LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Kensington Mortgage

Sample questions relating to Kensington Mortgage transfer of equity

  • Is it sensible to stop the direct debit for my mortgage with Kensington Mortgage as soon as a date for my remortgage and transfer of equity has been agreed?
  • I am planning on removing a name from a joint mortgage and the Kensington Mortgage require me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Friern Barnet conveyancing solicitor to deal with the transfer of equity? They need to be on the Kensington Mortgage conveyancing panel.
  • Will I have to pay any fees for a Transfer of Equity where the existing mortgage is with Kensington Mortgage?
  • What should I be budgeting for when it comes to what solicitors charges are for a transfer of equity? I need to transfer equity and remortgage - moving over to Kensington Mortgage - and have been quoted Four Hundred pounds plus VAT by Kensington Mortgage's approved conveyancer, Have I been over quoted?
  • Have recently split up with my wife of twenty years. I'm now living with my mum and dad and she wants to remain in the flat and buy me out. What portion do I get. Is it half of the equity after redeeming the Kensington Mortgage home loan? I assume proper valuations are required but I would like ensure that I'm getting the best deal
  • I plan to remortgage my flat in Blaenavon changing from Bank of Scotland to Kensington Mortgage. The apartment is jointly owned but I would like it to be in my sole name as and when I remortgage. My wife has agreed to this and is happy to transfer equity but neither of us want to get a second conveyancer involved.
  • When it comes to transfer of equity conveyancing involving a remortgage with Kensington Mortgage should I be charged VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee

Examples of questions in a conveyancing solicitor form relating to Kensington Mortgage Transfer of Equity

If 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?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

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

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?

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

Please give the name(s) and addresse(s) of anyone to be extracted from the title deeds?

Information to consider in conjunction with the above Kensington Mortgage transfer of equity Advice :

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 Kensington Mortgage conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, 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 breach 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 Kensington Mortgage 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 Kensington Mortgage 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 conveyancing.
If you do not keep up the payments on your mortgage with Kensington Mortgage your property may be repossessed.

Preparing the Transfer of Equity with a Kensington Mortgage Mortgage

When it comes to preparing the the Land Registry documents your conveyancing solicitor should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Kensington Mortgage 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.


Frequently asked questions relating to Kensington Mortgage transfer of equity