Sample questions relating to Masthaven Bank transfer of equity
- Me and my former wife and I are searching for a dependable conveyancing solicitor to assist in a transfer of equity and remortgage with Masthaven Bank. I I am fearful of by bill escalating out of control but with lots of conveyancing practices who do transfer of equity conveyancing out there...who do I opt for?
- My father died seven months ago leaving a mortgage-free property to me and my half brother in equal shared. Having continues to reside at the premises, there was a provision in the will specifying that the propertycould not be sold for three years after her death so he could reside there for a while. He now wishes to remain in the premises beyond the prescribed period. We have discussed a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the conventional way to purchase my half from me?
- Do I need legal representation when doing a transfer of equity where the home loan is to remain with Masthaven Bank?
- What is the process for having someone removed from the title documents to a house where the home loan is with Masthaven Bank
- I already have a home loan with Masthaven Bank and am maintaining my current mortgaging but applying to have it in my name only so my former partner will be removed from the deeds. How long can it take for the application to be processed?
- When it comes to transfer of equity conveyancing involving refinance with Masthaven Bank should I be invoiced VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- My divorce is through as is the consent order. Now I need to deal with the transfer of equity at the land registry and the Masthaven Bank mortgage. I have asked Masthaven Bank for the transfer of equity application. What do I do now?
Information that may be required from your lawyer may ask in relation to your Masthaven Bank Transfer of Equity
Have you approached Masthaven Bank to seek consent to the Transfer of Equity
Would you like us to draw up a Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?
Is it the case that one of the registered proprietors died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Is the transfer of equity subject to a court order? If yes please supply a copy
Where you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
General Advice to read in supporting the above Masthaven Bank transfer of equity Advice :
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 Masthaven Bank conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold titles
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 violation of the lease. This could potentially result in 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 conveyancing solicitor will check with Masthaven Bank 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 Masthaven Bank 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 the time of completion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Masthaven Bank.
Preparing the Transfer of Equity with a Masthaven Bank 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 Masthaven Bank 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.