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Are you in need of a Transfer of Equity with a Magellan Homeloans mortgage? Failing to check that a lawyer is on the Magellan Homeloans list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Sample questions relating to Magellan Homeloans transfer of equity

  • My ex are planning to get a conveyancer lined up for a new mortgage with Magellan Homeloans. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over the country. Do we need to have a conveyancing solicitor local to us?
  • What if my application doesn't meet Magellan Homeloans lending criteria for a transfer of equity?
  • Can I apply to request a further advance from Magellan Homeloans as part of a Transfer of Equity?
  • Given that we have been 3 years separated I have made the decision to relinquish up my share of our property to my husband who is refinancing with Magellan Homeloans. Could this transfer of equity be done in 28 days?
  • My wife and myself equally own a buy to let. I am a top rate tax payer. Preferably I would like to complete a transfer of equity into her name to reduce our tax on rental income. Assuming Magellan Homeloans are content with this the legal fees are not high. What are the implications when we dispose of the property? As I would no longer be on the deeds am I giving up my CGT relief.
  • My existing home loan is with Magellan Homeloans. Can I transfer equity to someone less than eighteen years old?
  • I understand we would need at least AP1 and TR1. Is this true?

Questions that your conveyancer could ask in relation to your Magellan Homeloans Transfer of Equity

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Is there to 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 what figure

Has consent been obtained from Magellan Homeloans to the proposed transfer of equity?

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

Please list all persons who occupy the property, their respective ages and relationships to you.

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

Information to consider in further to 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 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 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 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 varies based on the market value 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 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 lawyer 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.


Frequently asked questions relating to Magellan Homeloans transfer of equity