Recently asked questions relating to Molo Finance Buy to Let transfer of equity
- After four years separated I have decided to give up my interest in our flat to my husband who is re-mortgaging with Molo Finance Buy to Let. Can a transfer of equity be completed inside 28 days?
- My existing home loan is with Molo Finance Buy to Let. Can I transfer equity to someone under 18 years old?
- I acquired a property with a friend in 2008 Since then, we have both got married. We are now seeking to do a transfer of equity so my name is removed the Molo Finance Buy to Let mortgage. There is a 30k difference between the value the Molo Finance Buy to Let say and what the property would sell for currently. Can you offer any advice?
- I recently bought a flat without my partner's name on the ownership paperwork. My conveyancing solicitor claimed it is because she is not in the loan offer with Molo Finance Buy to Let. Is it possible for me to put her name on the deeds?
- I am hoping to remortgage my flat in Witham
changing from RBS to Molo Finance Buy to Let. The flat is currently in joint names but intend for it to be in my sole name once I transfer. My husband is OK with this and is willing to sign a form but neither of us want to get a second conveyancing solicitor involved.
- My mum passed away seven months ago leaving a mortgage-free semi to me and my brother equally. He has always lived in the property, there was a condition in her will specifying that the propertycould not be sold for 2 years following her death so he could remain there for a specified time frame. He now says he would like to remain in the house beyond the specified period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the conventional way to buy my share?
- At what point do I pay stamp duty due for the transfer of equity in my home in my name alone which is happening simultaneously with a refinancing with Molo Finance Buy to Let?
Questions that your conveyancing solicitor is likely to ask about your Molo Finance Buy to Let Transfer of Equity
Is it the case that one of the registered proprietors passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
Who will be responsible for the costs of the Transfer of Equity?
Please provide the details of anyone who jointly owns the property with you?
Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?
Where you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please provide the details of anyone to be added to the title deeds?
General Advice to read in in addition 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 titles
Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 finalisation 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 lawyer 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.
Content 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.