MBS Lending Ltd transfer of equity example support desk enquires
- Two years ago I bought a flat without my partner's name on the title documents. My conveyancer advised it is due to the fact that she was not in the mortgage with MBS Lending Ltd. I'm wondering is there any way that I can add her name on the deeds?
- I already have a home loan with MBS Lending Ltd and am retaining my existing mortgaging but wish to have have the equity transferred to my sole name so my former husband will no longer be on the mortgage. How long do MBS Lending Ltd take to deal with the application?
- I am planning on removing a name from a joint mortgage and the MBS Lending Ltd need me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Sedgefield
conveyancer to deal with the transfer of equity? They need to be on the MBS Lending Ltd conveyancing panel.
- What is the process for adding or subtracting names (transfer of equity) to or from my MBS Lending Ltd mortgage account?
- The financial adviser has recommended their conveyancing solicitor for our Transfer of Equity plus remortgage with MBS Lending Ltd - Is it not simpler better to just use them?
- When it comes to transfer of equity conveyancing involving refinance with MBS Lending Ltd should I be charged 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
- Been looking at online forums that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I need to be transferring equity and simultaneously refinancing with MBS Lending Ltd
Sample of information requested in a conveyancer form concerning a MBS Lending Ltd Transfer of Equity
Please inform us if you are providing any payment for the Transfer of Equity and to whom and specify any such sums?
Please give the details of anyone who jointly owns the property with you?
Please provide a copy of your National Insurance Number?
If 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?
Please let us know of you wish us to draw up a Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?
Who will be responsible for the costs of the Transfer of Equity?
Information to consider in further to 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 properties
Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. 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.
If the transfer of equity is made pursuant to 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 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 finalisation of the transfer of equity transaction.
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 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 lawyer 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 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.