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Masthaven Bank

Examples of recent questions relating to Masthaven Bank transfer of equity

  • How much the typical legal charges are for a transfer of equity? I need to transfer equity and remortgage - moving over to Masthaven Bank - and have been quoted £350 including VAT by Masthaven Bank's approved conveyancer, Have I been over quoted?
  • My partner and I co-own a property in Romsey . Home loan is with Masthaven Bank. I wish to transfer full ownership to him with no payment of money but without using a conveyancer. Do you think this should be easy to so?
  • Last year purchased a property without my partner's name on the title documents. My conveyancer claimed it is because she was not in the loan offer with Masthaven Bank. I'm wondering is there any way that I can add her name on the documents at HM Land Registry?
  • The mortgage broker has recommended their conveyancing solicitor for the Transfer of Equity plus remortgage with Masthaven Bank - Is it not simpler easier to just instruct them?
  • I am answering a Masthaven Bank transfer of equity application and have come to the part concerning defaults etc. I do some debts that I have been paying off for a number of years, in fact they have long since disappeared from my credit score. Must I set these out?
  • What is the process for having someone removed from the title documents to a house where the home loan is with Masthaven Bank
  • My Masthaven Bank mortgage is in joint names with ex, who is agreeable to be removed and put the house in my name alone. Masthaven Bank will permit the transfer of equity to me solely. Will Masthaven Bank write my company to check my salary?

Examples of information requested in a conveyancing solicitor questionnaire relating to Masthaven Bank Transfer of Equity

Please give the name(s) and addresse(s) of anyone to be extracted from the property title?

Who will be responsible for the costs of the Transfer of Equity?

Is the transfer of equity subject to a court order? If yes please supply a copy

Please clarify if you are making any payment for the Transfer of Equity and to whom and disclose the amount?

If you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Has consent been obtained from Masthaven Bank to the proposed transfer of equity?

General Advice to read in further to the above Masthaven Bank 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 Masthaven Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, provisions in 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 conditions are not complied with you may be in breach of your covenants under 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 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 conveyancer 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 varies based on the valuation of the property at the time of completion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Masthaven Bank your property may be repossessed.

Preparing the Transfer of Equity with a Masthaven Bank 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 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.

Information provided on 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 Masthaven Bank transfer of equity