Examples of recent questions relating to Magellan Homeloans transfer of equity

• I am are looking to find a value for money conveyancing solicitor to assist in a transfer of equity and refinance with Magellan Homeloans. I I am concerned about appointing the wrong one but with many conveyancing organisations who do transfer of equity conveyancing to choose from...who do I opt for?
• After a number of years estranged I have decided to relinquish up my share of the property to my husband who is refinancing with Magellan Homeloans. Can a transfer of equity be completed in 28 days?
• Magellan Homeloans yesterday agreed I can take over the mortgage on the house. I had applied for a transfer of equity but is this a transfer of ownership of the title deeds on top?
• Me and a friend got a joint mortgage with Magellan Homeloans on a flat about a year ago. I am now looking to get a house by myself and my friend would like to buy me out. On the basis that we can settle on a figure where do we go? Would there be any potential issue with Magellan Homeloans with him being on the hook for the total mortgage as opposed to only half of it?
• I am considering remortgaging my flat in Wakefield does my lawyer have to be on the Magellan Homeloans Conveyancing panel. The conveyancing also involves a transfer of equity.
• My partner and I co-own a house in Ampthill . Home loan is with Magellan Homeloans. I wish to transfer full ownership to him with no passing of money but without using a lawyer. Do you think this should be easy to so?
• I am answering a Magellan Homeloans transfer of equity form and have come to the questions that asks about debts etc. There are some debts that I have been paying off over a long period, I understand that they no longer remain my credit records. Do I need to reveal these?

Questions that your conveyancing solicitor is likely to ask about your Magellan Homeloans Transfer of Equity

Caveats to be read in supplemental the above Magellan Homeloans 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 Magellan Homeloans conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, provisions in 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 complied with you may be in breach 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 lawyer will check with Magellan Homeloans 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 Magellan Homeloans 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 valuation of the property at finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a Magellan Homeloans 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 Magellan Homeloans 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 provided 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.