LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Magellan Homeloans

Examples of recent questions relating to Magellan Homeloans transfer of equity

  • In 2009 I purchased a apartment without my partner's name on the ownership paperwork. My conveyancer advised it is due to the fact that she was not in the loan offer with Magellan Homeloans. I'm wondering is there any way that I can add her name on the deeds?
  • What are the average conveyancing charges are for a transfer of equity? I need to transfer equity and remortgage - moving over to Magellan Homeloans - and have been quoted Three Hundred pounds including VAT by Magellan Homeloans's approved lawyer, Is this is a good price or not?
  • Taking into account that we have been three years apart I have opted to transfer my share of our property to my husband who is refinancing with Magellan Homeloans. Can a transfer of equity be completed in four weeks?
  • My Magellan Homeloans home loan we jointly entered into with ex, who has agreed to come off the mortgage and let me have the property. Magellan Homeloans will permit the transfer of equity to me solely. Will Magellan Homeloans contact my employer to check my salary?
  • I am selling my share of a property in Hendon to my co-owners fiance, they are sticking with Magellan Homeloans being the the existing mortgage company. We are haggling as to who should cover the costs of the transfer of equity. Is this normally shared or is one party liable for the fees for?
  • What if my application doesn't meet Magellan Homeloans lending criteria for a transfer of equity?
  • I plan to refinance my home in Rye moving from Birmingham Midshires to Magellan Homeloans. The home is jointly owned but I would like it to be in my sole name when I remortgage. My wife is OK with this and is happy to sign a form but neither of us want to incur conveyancer fees.

Sample of information requested in a conveyancer questionnaire concerning a Magellan Homeloans Transfer of Equity

Where you are intent on holding 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 name(s) and addresse(s) of anyone to be added to the title deeds?

Please give the name(s) and addresse(s) of those who jointly own the property with you?

Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

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

If you are adding someone 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” Questionnaire.

Important warnings to consider in in addition to the above Magellan Homeloans 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 Magellan Homeloans 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 have a license to do so from the landlord. If such terms are not adhered to you may be in breach of the lease. This could potentially result in 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 market value of the property at the conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Magellan Homeloans your property may be repossessed.

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 conveyancer 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 Magellan Homeloans transfer of equity