Sample questions relating to Kensington Mortgage transfer of equity
- My ex are planning to get a conveyancer lined up for a remortgage with Kensington Mortgage. Transfer of Equity conveyancing is also neededI have used the different rating based websites and the results are from all over UK. Do we need to have a conveyancing solicitor local to us?
- How do I go about adding or removing names (transfer of equity) to or from my Kensington Mortgage mortgage account?
- My dad passed away last March leaving a mortgage-free semi to me and my step brother equally. He has always lived in the house, there was a condition in her will saying the premisescould not be sold for 24 months after her passing so he could remain there for a prescribed period. He now says he would like to remain in the premises beyond the specified period. We have considered a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a mortgage in the traditional way to acquire my half from me?
- Do I need legal representation when doing a transfer of equity where the mortgage is to remain with Kensington Mortgage?
- My Kensington Mortgage mortgage we jointly entered into with ex, he is agreeable to be removed and let me have the property. Kensington Mortgage will permit the transfer of equity to my individual name. Do Kensington Mortgage write my company to check my salary?
- I jointly own a apartment in Wakefield
, with a Kensington Mortgage loan with my former partner. He and his new partner are going to buy me out. We had the go ahead from Kensington Mortgage to remove my name with hers. The transfer of equity has to be completed by a conveyancer for Kensington Mortgage (apparently). Is it possible for us to do the Land Registry change?
- I already have a home loan with Kensington Mortgage and am retaining my current mortgaging but wish to have it in my sole name so my ex will come off the deeds. How long does the whole transfer of equity process take?
Information that may be required from your conveyancer is likely to ask in relation to your Kensington Mortgage Transfer of Equity
Please provide the details of anyone to be extracted from the property title?
Please provide a copy of your National Insurance Number?
Is it the case that one of the registered proprietors died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..
Where you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Please confirm if you are making any payment for the Transfer of Equity and to whom and notify us any such sums?
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?
General Advice to read in supplemental the above Kensington Mortgage transfer of equity information :
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, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 the conclusion of the transfer of equity transaction.
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 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 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.