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Masthaven Bank

Examples of recent questions relating to Masthaven Bank transfer of equity

  • My divorce is through as is the consent order. Now I have to deal with the transfer of equity for the property and the Masthaven Bank mortgage. I have contacted Masthaven Bank for the transfer of equity forms. What happens next?
  • Me and my partner co-own a flat in Winchelsea . Mortgage is with Masthaven Bank. I would like to transfer full ownership to him with no passing of money but without using a lawyer. Do you think this should be easy to so?
  • My Masthaven Bank home loan is in joint names with ex, who has agreed to come off the mortgage 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 boss to check my salary?
  • Am I best advised cancel the direct debit for my mortgage with Masthaven Bank once a date for my remortgage and transfer of equity has been set?
  • My partner and myself equally own a investment property. I am a higher rate tax payer. Ideally I wish to complete a transfer of equity into her name to mitigate tax on rental income. Assuming Masthaven Bank are happy with this the legal fees are inexpensive. However what happens when we sell? Would my GGT relief be lost.
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Masthaven Bank mortgage account?
  • I purchased a property with my brother in 2008 Since buying the property, we have both got married. We are now intending to do a transfer of equity so my name comes off the Masthaven Bank mortgage. There is a significant difference between the value the bank hold and what the property would sell for currently. Can you offer any advice?

Examples of information requested in a conveyancer questionnaire concerning a Masthaven Bank Transfer of Equity

Please give the details of anyone to be removed from the property title?

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

Please provide the details of anyone who jointly owns the property with you?

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

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

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

General Advice to read in conjunction with the above Masthaven Bank transfer of equity information :

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

If your property is 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 freeholder. If such conditions are not complied with you may be in violation 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 as a result of 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 varies based on the valuation of the property at finalisation 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 conveyancing solicitor 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 lawyer 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 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