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Common questions relating to Kensington Mortgage transfer of equity

  • I am am in need of a conveyancing solicitor to handle my transfer of equity. Kensington Mortgage are dealing with the refinancing. I thought of asking my mortgage broker. I understand he may receive a referral fee for suggesting a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic misguided?
  • I already have a mortgage with Kensington Mortgage and am maintaining my current mortgaging but seeking to have have the equity transferred to my name only so my former husband won't be on it any longer. How long do Kensington Mortgage take to deal with the application?
  • Two years ago I purchased a apartment without my fiance’s name on the title documents. My conveyancer claimed it is due to the fact that she was not in the loan offer with Kensington Mortgage. I'm wondering is there any way that I can add her name on the documents at HMLR?
  • I purchased a flat with a friend in 2010 Since then, we have both got married. We are now seeking to do a transfer of equity so my name is removed the Kensington Mortgage mortgage. There is a 40k difference between the value the lender hold and what the property would sell for currently. Can you offer any advice?
  • My ex-fiance and I are searching for a value for money conveyancing solicitor to help me sell in a transfer of equity and refinance with Kensington Mortgage. I I am concerned about appointing the wrong one and there are so many conveyancing solicitors who do transfer of equity conveyancing to choose from...how do I know which one is best select?
  • Can I apply to borrow more money from Kensington Mortgage as part of a Transfer of Equity?
  • Kensington Mortgage have today agreed I can take over the mortgage on my home. I have applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry in addition?

Examples of information requested in a conveyancer questionnaire concerning a Kensington Mortgage Transfer of Equity

Would you like us to prepare Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

Please give the details of anyone who jointly owns the property with you?

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

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Please clarify if you are providing any payment for the Transfer of Equity and to whom and specify any such sums?

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

General Advice to read in supplemental the above Kensington Mortgage transfer of equity Questions and Answers :

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 Kensington Mortgage conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

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 freeholder. If such conditions are not strictly observed 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 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 is dependent on the valuation of the property at the time of completion 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 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 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