Sample questions relating to Molo Finance Buy to Let transfer of equity

• My Molo Finance Buy to Let mortgage is in joint names with ex, he has agreed to come off the deeds and let me have the property. Molo Finance Buy to Let have consented to the transfer of equity to me solely. Will Molo Finance Buy to Let write my company to check my salary?
• Been reviewing consumer blogs that solicitors are more expensive than conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I need to be transferring equity and at the same time switching mortgage with Molo Finance Buy to Let
• Last year purchased a apartment without my partner's name on the deeds. My lawyer said it is due to the fact that she is not in the mortgage with Molo Finance Buy to Let. Is it possible for me to add her name on the title?
• I already have a home loan with Molo Finance Buy to Let and am retaining my existing mortgaging but wish to have it in my sole name so my former partner won't be on it any longer. How long does the whole transfer of equity process take?
• Me and a friend got a joint mortgage with Molo Finance Buy to Let on a apartment about a year ago. I am now thinking of purchasing a apartment by myself and my friend would like to buy me out. On the basis that we can settle on a price what happens next? Would there be any potential concerns with Molo Finance Buy to Let with him being solely liable for the total loan as opposed to only half of it?
• I got my Decree Absolute in 2011. I simply never got around to transfer ownership from both our names 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 content to transfer the full equity in my name (financial checks done). Does she need a solicitor?
• I understand we would need at least AP1 and TR1. Is this true?

Sample of questions in a conveyancer questionnaire relating to Molo Finance Buy to Let Transfer of Equity

Caveats to be read in supporting the above Molo Finance Buy to Let transfer of equity Info :

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 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, the lease may require that you have a license to do so from the landlord. If such conditions are not strictly observed 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 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 conveyancer 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 conveyancing.

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 provided on 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.