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Kensington Mortgage

Recently asked questions relating to Kensington Mortgage transfer of equity

  • I intend to refinance my apartment in Ampthill moving from Skipton to Kensington Mortgage. The flat is currently in joint names but I would like it to be in my sole name when I switch. My former partner has verbally consented to this and is happy to sign a form but neither of us want to incur lawyer charges.
  • My Kensington Mortgage mortgage we jointly entered into with ex, who has agreed to come off the deeds and let me have the property. Kensington Mortgage have consented to the transfer of equity to me solely. Do Kensington Mortgage get in touch with my boss to verify my salary?
  • Is it possible to transfer the equity held in my property with my Kensington Mortgage home loan?
  • Having been four years estranged I have decided to give up my interest in our former home to my husband who is refinancing with Kensington Mortgage. Can a transfer of equity be completed in less than four weeks?
  • I am searching for a quality conveyancing solicitor to help me sell in a transfer of equity and refinance with Kensington Mortgage. I want to avoid being ripped off but with many conveyancing firms who do transfer of equity conveyancing out there...who do I opt for?
  • Kensington Mortgage have just agreed I can take over the home loan on the house. I have applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds on top?
  • I am thinking of refinancing my property in Dunnington does my lawyer have to be on the Kensington Mortgage Conveyancing panel. The conveyancing also involves a transfer of equity.

Examples of questions in a conveyancing solicitor questionnaire concerning a Kensington Mortgage Transfer of Equity

Please give the details of anyone to be extracted from the title deeds?

Please give the name(s) and addresse(s) of anyone to be added to the property title?

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

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Is the transfer of equity subject to a court order? If yes please supply a copy

Please provide a copy of your National Insurance Number?

Information to consider in supplemental the above Kensington Mortgage transfer of equity Questions and Answers :

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 premises

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions are not strictly observed 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 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 is dependent on the market value of the property at the conclusion 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 conveyancer 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.

Information contained within 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