Kensington Mortgage transfer of equity example support desk enquires

• I intend to remortgage my apartment in Dunnington switching from Leeds Building Society to Kensington Mortgage. The apartment is jointly owned but propose for it to be in my sole name as and when I transfer. My husband is OK with this and is willing to sign a form but neither of us want to incur lawyer fees.
• I am trying to find a conveyancing solicitor to handle my transfer of equity. Kensington Mortgage have been approached for a refinancing. I considered asking my mortgage broker. I am lead to believe 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?
• What is the process for having someone removed off the title documents to a property if the home loan is with Kensington Mortgage
• Having been 4 years apart I have decided to transfer my share of the flat to my husband who is refinancing with Kensington Mortgage. Could this transfer of equity be done inside 28 days?
• My divorce has gone through as is the consent order. Now I have to sort out the transfer of equity at the HMLR and the Kensington Mortgage mortgage. I have contacted Kensington Mortgage for the transfer of equity forms. What are my next steps?
• Kensington Mortgage have just agreed I can take over the mortgage on the house. I previously applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds on top?
• Have recently split up with my partner of twenty years. I'm now living with my parents again and she wishes to stay in the flat and buy me out. What portion am I entitled to. Is it 50% of the equity after redeeming the Kensington Mortgage home loan? I assume proper valuations are required but I would like to be confident that I'm getting what I am entitled to

Information that may be required from your conveyancing solicitor may ask regarding your Kensington Mortgage Transfer of Equity

Caveats to be read in supplemental the above Kensington Mortgage transfer of equity Info :

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, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in violation 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 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 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.

Preparing the Transfer of Equity with a Kensington Mortgage 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 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 conveyancer 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 should not be regarded as 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.