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Are you in need of a Transfer of Equity with a Kensington Mortgage Company Ltd mortgage? Failing to check that a lawyer is on the Kensington Mortgage Company Ltd 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 Kensington Mortgage transfer of equity

  • Kensington Mortgage have today agreed I can take over the home loan on my home. I previously applied for a transfer of equity but is this a transfer of ownership at HMLR on top?
  • I am considering refinancing my property in Miles Platting does my lawyer have to be on the Kensington Mortgage Solicitor panel. The conveyancing also involves a transfer of equity.
  • I am completing a Kensington Mortgage transfer of equity request and have come to the part regarding defaults etc. There are some debts that I have been paying off over a long period, in fact they no longer remain my credit rating. Do I need to reveal these?
  • After a number of years apart I have opted to transfer my interest in our property to my husband who is refinancing with Kensington Mortgage. Can a transfer of equity be completed within 28 days?
  • I recently bought a flat without my partner's name on the ownership paperwork. My lawyer claimed it is because she was not in the loan offer with Kensington Mortgage. Is it possible for me to put her name on the title?
  • What if my application doesn't meet Kensington Mortgage lending criteria for a transfer of equity?
  • I plan to refinance my apartment in Crabtree moving from Santander to Kensington Mortgage. The apartment is currently in joint names but intend for it to be in my name only once I remortgage. My husband has agreed to this and is happy to sign a form but neither of us want to incur conveyancer charges.

Sample of questions in a conveyancer form relating to Kensington Mortgage Transfer of Equity

If you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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?

Is it the case that one of the registered owners died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

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?

Please give the details of anyone to be added to the title deeds?

General Advice to read in further to 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, the lease may require that you have a license to do so from the landlord. If such conditions are not complied with 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 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 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 the time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Kensington Mortgage.

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 lawyer 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.


Frequently asked questions relating to Kensington Mortgage transfer of equity