Top seven questions relating to Masthaven Bank transfer of equity

• My Masthaven Bank mortgage we jointly entered into with ex, who has agreed to come off the deeds and let me have the property. Masthaven Bank will permit the transfer of equity to my individual name. Do Masthaven Bank get in touch with my company to verify my salary?
• I jointly own a property in Witham , with a Masthaven Bank mortgage with my ex partner. Him and his new partner are going to acquire my share. We had the go ahead from Masthaven Bank to replace my name with hers. The transfer of equity needs to be done by a conveyancing solicitor for Masthaven Bank (apparently). Is it possible for us to do the Land Registry change?
• My brother and I got a joint mortgage with Masthaven Bank on a property about a year ago. I am now looking to get a apartment by myself and my friend would like to buy me out. On the basis that we can settle on a figure what happens next? Is there likely to be any issue with Masthaven Bank with him being on the hook for the total loan as opposed to only part of it?
• I am thinking of refinancing my house in Dunnington does my lawyer need to be on the Masthaven Bank Conveyancing panel. The conveyancing also involves a transfer of equity.
• What can I do where I am not happy with the conveyancer who undertook our transfer of equity conveyancing?
• What if my application doesn't meet Masthaven Bank lending criteria for a transfer of equity?
• I am planning on removing a name from a joint mortgage and the Masthaven Bank need me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Blaenavon lawyer to deal with the transfer of equity? They need to be on the Masthaven Bank conveyancing panel.

Information that may be required from your conveyancer may ask about your Masthaven Bank Transfer of Equity

Caveats to be read in supporting the above Masthaven Bank transfer of equity Advice :

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 premises

If your property is leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with 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 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 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 market value of the property at the conclusion of the transfer of equity conveyancing.

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.

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.