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Molo Finance Buy to Let

Top seven questions relating to Molo Finance Buy to Let transfer of equity

  • I jointly own a apartment in Littleborough , with a Molo Finance Buy to Let loan with my ex husband. He and his new partner are going to buy me out. We had approval from Molo Finance Buy to Let to replace my name with hers. The transfer of equity needs to be done by a conveyancer for Molo Finance Buy to Let (apparently). Can we deal with the Land Registry change?
  • I already have a mortgage with Molo Finance Buy to Let and am keeping my existing mortgaging but applying to have it in my name only so my ex won't be on it any longer. How long do Molo Finance Buy to Let take to deal with the application?
  • I acquired a house with a friend six years ago Since then, we have both got married. We are now intending to do a transfer of equity so my name is taken off the Molo Finance Buy to Let mortgage. There is a 30k difference between the value the mortgage company hold and what the property would sell for currently. Can you offer any advice?
  • What do I do if I am unhappy with the lawyer who handled our transfer of equity conveyancing?
  • I got divorced two years ago. For some reason I never got around to transfer ownership from the current 'joint' status to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Molo Finance Buy to Let is willing to transfer the property and loan in my name (affordability checks done). Does my ex need a conveyancer?
  • Molo Finance Buy to Let have just agreed I can take over the home loan on the flat. I have applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds on top?
  • What is the process for adding or removing names (transfer of equity) to or from my Molo Finance Buy to Let mortgage account?

Information that may be required from your lawyer may ask about your Molo Finance Buy to Let Transfer of Equity

Please give the name(s) and addresse(s) of anyone to be added to the property title?

Please provide the details of anyone to be extracted from the property title?

Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what figure

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

If you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

Important warnings to consider in further to the above Molo Finance Buy to Let 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 Molo Finance Buy to Let conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be 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 breach of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to 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 conveyancing solicitor will check with Molo Finance Buy to Let 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 Molo Finance Buy to Let 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 conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Molo Finance Buy to Let your property may be repossessed.

Preparing the Transfer of Equity with a Molo Finance Buy to Let 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 Molo Finance Buy to Let 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 Molo Finance Buy to Let transfer of equity