Sample questions relating to MBS Lending Ltd transfer of equity

• I am filling out a MBS Lending Ltd transfer of equity request and have arrived at the section regarding debts etc. I do some debts that I have been discharging for a number of years, in fact they no longer remain my credit rating. Do I need to set these out?
• At what point do I incur stamp duty due for the transfer of equity in my house in my sole name which is happening at the same time as a switching mortgage with MBS Lending Ltd?
• My MBS Lending Ltd mortgage we jointly entered into with ex, he has agreed to come off the deeds and put the house in my name alone. MBS Lending Ltd have consented to the transfer of equity to me solely. Do MBS Lending Ltd call my boss to verify my salary?
• I co-own a house in Romsey , with a MBS Lending Ltd loan with my ex husband. He and his new partner are going to buy me out. We had approval from MBS Lending Ltd to replace my name with hers. The transfer of equity has to be done by a conveyancer for MBS Lending Ltd (apparently). Is it possible for us to do the Land Registry change?
• I am hoping to remortgage my maisonette in Crabtree moving from Skipton to MBS Lending Ltd. The flat is currently in joint names but wish for it to be in my name only as and when I switch. My wife is OK with this and is happy to sign a form but neither of us want to get a second conveyancer involved.
• I am under the impression we would need at least AP1 and TR1. Is this true?
• What are my options where I am dissatisfied with the lawyer who handled our transfer of equity transaction?

Examples of information requested in a conveyancing solicitor questionnaire concerning a MBS Lending Ltd Transfer of Equity

Important warnings to consider in supporting the above MBS Lending Ltd 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 MBS Lending Ltd 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 obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger 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 is dependent on the valuation of the property at the time of completion of the transfer of equity transaction.

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.

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.