Examples of recent questions relating to Magellan Homeloans transfer of equity
- My Magellan Homeloans mortgage we jointly entered into with ex, he is agreeable to be removed and let me have the property. Magellan Homeloans have consented to the transfer of equity to my individual name. Will Magellan Homeloans get in touch with my boss to confirm my salary?
- Can you tell me how to have someone removed from the title documents to a property where the mortgage is with Magellan Homeloans
- Have recently separated from my ex of thirty years. I'm now living with my mum and dad and she wishes to stay in the apartment and pay me off. What portion am I entitled to. Is it 50% of the equity after paying off the Magellan Homeloans home loan? I assume proper valuations are required but I really need ensure that I'm getting the best deal
- I am looking for a conveyancer to handle my transfer of equity. Magellan Homeloans are dealing with the refinancing. I thought of asking my financial adviser. I understand he will likely receive a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Is my logic flawed?
- My former wife are seeking to get a lawyer in place for a refinance with Magellan Homeloans. Transfer of Equity conveyancing is also neededI have used the different rating based tools and the results are from all over UK. How necessary is it to instruct a conveyancer local to us?
- Is stamp duty payable when it comes to an transfer of equity with a mortgage with Magellan Homeloans?
- I acquired a property with a friend five.seven years ago Since then, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Magellan Homeloans mortgage. There is a meaningful difference between the value the bank hold and what the property would sell for currently. Can you offer any advice?
Examples of questions in a conveyancer questionnaire relating to Magellan Homeloans Transfer of Equity
Would you like us to draw up a Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same
Please provide the details of those who jointly own the property with you?
Is the transfer of equity subject to a court order? If yes please supply a copy
Please provide the name(s) and addresse(s) of anyone to be removed from the title deeds?
Caveats to be read in supplemental the above Magellan Homeloans transfer of equity Info :
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 premises
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 landlord. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
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 conveyancer 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 is dependent on the valuation of the property at finalisation of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Magellan Homeloans.
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 contained within this webpage is for general information and only applies to England and Wales. It should not be regarded as 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.