Sample questions relating to Molo Finance Buy to Let transfer of equity
- Am I best advised cancel the direct debit for my mortgage with Molo Finance Buy to Let once a date for my remortgage and transfer of equity has been agreed?
- I already have a home loan with Molo Finance Buy to Let and am maintaining my existing mortgaging but applying to have have the equity transferred to my name only so my ex won't be on it any longer. How long can it take for the application to be processed?
- At what stage do I pay the Stamp Duty Land Tax due for the transfer of equity in my property in my sole name which is taking place simultaneously with a refinancing via Molo Finance Buy to Let?
- I purchased a house with a friend five.seven years ago Since buying the property, 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 40k difference between the value the bank hold and what the property would sell for currently. Can you offer any advice?
- Last year purchased a apartment without my partner's name on the ownership paperwork. My conveyancer advised it is due to the fact that she is not in the loan offer with Molo Finance Buy to Let. I'm wondering is there any way that I can put her name on the deeds?
- My -ex-husband and I are searching for an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Molo Finance Buy to Let. I I am fearful of appointing the wrong one and there are lots of conveyancing solicitors who do transfer of equity conveyancing out there...how do I know which one is best appoint?
- My partner and I jointly own a flat in Rye
. Mortgage is with Molo Finance Buy to Let. I wish to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Is this likely to be easy to so?
Information that may be required from your conveyancer may ask about your Molo Finance Buy to Let Transfer of Equity
Who will be responsible for the costs of the Transfer of Equity?
Is there to be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what figure
Has one of the registered proprietors died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Would you like us to draw up a Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?
If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
General Advice to read in supplemental the above Molo Finance Buy to Let transfer of equity Advice :
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 premises
If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
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 lawyer 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 varies based on the market value of the property at the time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Molo Finance Buy to Let.
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 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.