Recently asked questions relating to Molo Finance Buy to Let transfer of equity

• What do I do if I am dissatisfied with the lawyer who did my transfer of equity conveyancing?
• I purchased a property with my cousin in 2009 Since buying the property, we have both got married. We are now intending to do a transfer of equity so my name comes off the Molo Finance Buy to Let mortgage. There is a 40k difference between the value the mortgage company say and what the property would sell for currently. Can you offer any advice?
• I am in the process of removing a name from a joint mortgage and the Molo Finance Buy to Let require me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Crabtree conveyancer to deal with the transfer of equity? They need to be on the Molo Finance Buy to Let conveyancing panel.
• My current home loan is with Molo Finance Buy to Let. Can I transfer equity to someone who is not yet 18 years old?
• In 2012 I bought a house without my wife's name on the title documents. My lawyer advised it is because she was not in the mortgage with Molo Finance Buy to Let. Is it possible for me to put her name on the deeds?
• After four years estranged I have decided to relinquish up my interest in our property to my husband who is refinancing with Molo Finance Buy to Let. Could this transfer of equity be completed inside four weeks?
• My dad passed away seven months ago leaving a loan-free bungalow to me and my brother equally. He has always lived in the property, there was a clause in her will saying the housecould not be sold for 2 years after her death so he could reside there for a specified time frame. He now wishes to remain in the premises beyond the specified period. We have considered a transfer of equity. Am I right in saying we'd get a valuation then he'd get a home loan in the usual way to purchase my share?

Questions that your lawyer is likely to ask about your Molo Finance Buy to Let Transfer of Equity

Information to consider in in addition to 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 titles

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such terms are not adhered to you may be in breach 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 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 market value of the property at the time of completion 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 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 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.