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MBS Lending Ltd

Sample questions relating to MBS Lending Ltd transfer of equity

  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
  • I am am in need of a conveyancing solicitor to deal with my transfer of equity. MBS Lending Ltd are dealing with the refinancing. I thought of asking my mortgage broker. I am lead to believe he will likely get a referral fee for suggesting a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic correct?
  • My friend and I got a joint mortgage with MBS Lending Ltd on a house in 2013. I am now looking to get a flat by myself and my friend would like to buy me out. Once we have agreed an amount where do we go? Is there likely to be any problem with MBS Lending Ltd with him being on the hook for the total loan as opposed to only part of it?
  • I am remortgaging my home in Ampthill does my lawyer have to be on the MBS Lending Ltd Conveyancing panel. The conveyancing also involves a transfer of equity.
  • My MBS Lending Ltd home loan is in joint names with ex, who is agreeable to come off the deeds and put the house in my name alone. MBS Lending Ltd will permit the transfer of equity to me solely. Do MBS Lending Ltd write my employer to check my salary?
  • Two years ago I purchased a house without my wife's name on the title documents. My conveyancing solicitor advised it is because she is not in the loan offer with MBS Lending Ltd. Is it possible for me to add her name on the deeds?
  • I jointly own a apartment in Miles Platting , with a MBS Lending Ltd loan with my ex partner. Him and his fiance are going to acquire my share. We had approval from MBS Lending Ltd to remove my name with hers. The transfer of equity has to be done by a conveyancing solicitor for MBS Lending Ltd (apparently). Can we do the Land Registry change?

Sample of information requested in a conveyancer questionnaire relating to MBS Lending Ltd Transfer of Equity

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

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

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 to be added to the property title?

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

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Important warnings to consider in conjunction with the above MBS Lending Ltd transfer of equity Advice :

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 titles

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach of 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 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 lawyer 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 market value of the property at the time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with MBS Lending Ltd your property may be repossessed.

Preparing the Transfer of Equity with a MBS Lending Ltd 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 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