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Recently asked questions relating to MBS Lending Ltd transfer of equity

  • I am led to believe we would need at least AP1 and TR1. Is this true?
  • I got divorced in 2012. For some reason I never dealt with the change the ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. MBS Lending Ltd is happy to transfer the property and loan in my name (financial checks done). Does my ex need a solicitor?
  • What can I do where I am unhappy with the lawyer who carried out my transfer of equity conveyancing?
  • What are the average solicitors costs are for a transfer of equity? I'm in the process of remortgaging - moving over to MBS Lending Ltd - and have been quoted £350 including VAT by MBS Lending Ltd's appointed conveyancing solicitor, Is this a reasonable price?
  • My decree absolute has gone through as is the consent order. Now I need to deal with the transfer of equity on title deeds and the MBS Lending Ltd mortgage. I have asked MBS Lending Ltd for the transfer of equity forms. What do I do now?
  • After 3 years estranged I have decided to give up my interest in our apartment to my husband who is refinancing with MBS Lending Ltd. Can a transfer of equity be completed inside one month?
  • As things stand I have a joint MBS Lending Ltd mortgage with my cousin and am investigating the option of him assuming responsibility for the whole mortgage and removing myself from it, to enable me to buy a place with my fiance. The outstanding mortgage is about 175k, and the property value is in the region 600k. Is this a transfer of equity? Is land tax due?

Sample of questions in a lawyer form relating to MBS Lending Ltd Transfer of Equity

Can you give the details of anyone who jointly owns the premises with you?

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 provide a copy of your National Insurance Number?

Who will be responsible for the costs of the Transfer of Equity?

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

Please let us know if you are providing any payment for the Transfer of Equity and to whom and give details of the amount?

Caveats to be read in conjunction with the above MBS Lending Ltd transfer of equity Questions and Answers :

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

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such restrictions are not strictly observed 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 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 valuation of the property at finalisation 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 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 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.


Frequently asked questions relating to MBS Lending Ltd transfer of equity