Sample questions relating to MBS Lending Ltd transfer of equity
- Will I incur any fees for a Transfer of Equity where the existing mortgage is with MBS Lending Ltd?
- I am filling out a MBS Lending Ltd transfer of equity form and have arrived at the part concerning debts etc. There are some debts that I have been clearing over a long period, in fact they have long since disappeared from my credit rating. Must I reveal these?
- Me and my partner jointly own a flat in Rye
. Home loan is with MBS Lending Ltd. I wish to transfer full ownership to him with no passing of money but without using a lawyer. Do you think this should be straightforward?
- I am am in need of a conveyancer to handle my transfer of equity. MBS Lending Ltd have been approached for a refinancing. I thought of asking my mortgage broker. I am lead to believe he will likely receive a referral fee for suggesting someone, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Is my logic flawed?
- My friend and I got a joint mortgage with MBS Lending Ltd on a property about a year ago. I am now looking to get a flat by myself and my friend would like to buy me out. Once we have agreed a price what are the next steps? Is there likely to be any problem with MBS Lending Ltd with him being solely liable for the total loan rather than only half of it?
- Law week I split up with my ex of thirty years. I'm now living with my mum and dad and she wishes to remain in the apartment and pay me off. What portion do I get. Is it half of the equity after redeeming the MBS Lending Ltd home loan? I assume proper valuations are necessary but I would like ensure that I'm getting the best deal
- I am led to believe we would need at least AP1 and TR1. Is this true?
Questions that your conveyancer may ask about your MBS Lending Ltd Transfer of Equity
Please provide a copy of your National Insurance Number?
Please give the name(s) and addresse(s) of anyone to be extracted from the title deeds?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Has one of the registered proprietors died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
Is the transfer of equity subject to a court order? If yes please supply a copy
Where you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Information to consider in supplemental the above MBS Lending Ltd transfer of equity Advice :
Tax and Legal
There are numerous potential 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
If your property is leasehold, the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 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 conveyancer 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 market value of the property at the time of completion 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 lawyer 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 conveyancing solicitor 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.