LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
MBS Lending Ltd

Sample questions relating to MBS Lending Ltd transfer of equity

  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with MBS Lending Ltd?
  • How much the typical conveyancing fees are for a transfer of equity? I need to transfer equity and remortgage - new loan with MBS Lending Ltd - and have been quoted £250 including VAT by MBS Lending Ltd's approved lawyer, Is this a reasonable price?
  • Is it sensible to cancel the direct debit for my mortgage with MBS Lending Ltd once a date for my remortgage and transfer of equity has been set?
  • My ex-partner and I are in the market for a value for money conveyancing solicitor to help me sell in a transfer of equity and remortgage with MBS Lending Ltd. I I am concerned about being overcharged but with lots of conveyancing firms who do transfer of equity conveyancing out there...who's the best?
  • I am disposing of my equity in flat in Woodside to the other co-owners fiance, they are sticking with MBS Lending Ltd as the the existing mortgage company. We are in heated discussion as to who must pay the costs of the transfer of equity. Should this be split or is one party obliged to cover the charges for?
  • I am answering a MBS Lending Ltd transfer of equity form and have arrived at the part regarding debts etc. I do some debts that I have been paying off over a long period, I understand that they have long since disappeared from my credit score. Do I need to set these out?
  • My ex are seeking to get a lawyer in place for a remortgage with MBS Lending Ltd. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over England and Wales. How necessary is it to instruct a conveyancer local to us?

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

Can you give the name(s) and addresse(s) of anyone who jointly owns the property with you?

Please confirm where you are making any payment for the Transfer of Equity and to whom and specify any such sums?

Please let us know of you wish us to draw up a Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

Has one of the registered owners died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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?

Important warnings 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 titles

If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in violation of your covenants under 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 market value of the property at the conclusion 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 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information provided on 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.


Frequently asked questions relating to MBS Lending Ltd transfer of equity