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Masthaven Bank

Sample questions relating to Masthaven Bank transfer of equity

  • My Masthaven Bank home loan we jointly entered into with ex, he is agreeable to be removed and put the house in my name alone. Masthaven Bank will permit the transfer of equity to me solely. Do Masthaven Bank call my boss to confirm my salary?
  • Given that we have been a number of years estranged I have decided to relinquish up my interest in our apartment to my husband who is re-mortgaging with Masthaven Bank. Can a transfer of equity be done in four weeks?
  • My current home loan is with Masthaven Bank. Can I transfer equity to someone who is not yet eighteen years old?
  • My former husband are seeking to get a lawyer lined up for a new mortgage with Masthaven Bank. Transfer of Equity conveyancing is also necessaryI have used the different rating based services and the results are from all over England and Wales. Do we need to appoint a conveyancing solicitor local to us?
  • My ex-wife and I are searching for an affordable conveyancing solicitor to help me sell in a transfer of equity and remortgage with Masthaven Bank. I want to avoid being ripped off and there are plenty conveyancing organisations who do transfer of equity conveyancing out there...how do I know which to select?
  • When it comes to transfer of equity conveyancing involving a remortgage with Masthaven Bank should I be invoiced value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • What is the process for having a person removed off the deeds to a property if the mortgage is with Masthaven Bank

Questions that your conveyancing solicitor could ask in relation to your Masthaven Bank Transfer of Equity

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

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Would you like us to draft you Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

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

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)

General Advice to read in supplemental the above Masthaven Bank 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 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 have a license to do so from the freeholder. If such conditions are not strictly observed you may be in violation of your covenants under the lease. This could trigger 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 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 varies based on the valuation of the property at the conclusion 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 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.

Information provided 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.


Frequently asked questions relating to Masthaven Bank transfer of equity