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Are you in need of a Transfer of Equity with a MBS Lending Ltd mortgage? Failing to check that a lawyer is on the MBS Lending Ltd list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Recently asked questions relating to MBS Lending Ltd transfer of equity

  • What are the average legal charges are for a transfer of equity? I need to transfer equity and remortgage - new loan with MBS Lending Ltd - and have been quoted £250 plus VAT by MBS Lending Ltd's appointed lawyer, Is this is a good price or not?
  • I am transferring my share of a house in Woodside to the other co-owners fiance, they are reapplying to MBS Lending Ltd. We are in heated discussion as to who must pay the costs of the transfer of equity. Should this be shared or is one of us obliged to cover the fees for?
  • How and when do I cover the costs of the Stamp Duty Land Tax due for the transfer of equity in my property in my name alone which is happening at the same time as a switching mortgage with MBS Lending Ltd?
  • MBS Lending Ltd yesterday agreed I can take over the mortgage on the flat. I previously applied for a transfer of equity but is this a transfer of ownership at the Land Registry on top?
  • When it comes to transfer of equity conveyancing involving a remortgage with MBS Lending Ltd should I be paying 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
  • What is the process for adding or subtracting names (transfer of equity) to or from my MBS Lending Ltd mortgage account?
  • I already have a home loan with MBS Lending Ltd and am retaining my current mortgaging but applying to have it in my sole name so my former partner will no longer be on the deeds. How long do MBS Lending Ltd take to process the application?

Information that may be required from your conveyancer is likely to ask in relation to your MBS Lending Ltd Transfer of Equity

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

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

Is it the case that one of the registered proprietors passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

Please confirm if you are providing any payment for the Transfer of Equity and to whom and specify the amount?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Important warnings to consider in further to the above MBS Lending Ltd 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 MBS Lending Ltd conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be 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 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 conveyancing solicitor will check with MBS Lending Ltd 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 MBS Lending Ltd 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with MBS Lending Ltd.

Preparing the Transfer of Equity with a MBS Lending Ltd 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 MBS Lending Ltd 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 contained within 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 MBS Lending Ltd transfer of equity