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Molo Finance Buy to Let transfer of equity: q and a’s

  • I am in the process of removing a name from a joint mortgage and the Molo Finance Buy to Let need me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Heathfield conveyancer to deal with the transfer of equity? They need to be on the Molo Finance Buy to Let conveyancing panel.
  • I already have a mortgage with Molo Finance Buy to Let and am retaining my existing mortgaging but wish to have it in my name alone so my former wife will no longer be on the mortgage. How long can it take for the forms to be processed?
  • I acquired a property with my cousin six years ago Since buying the property, we have both got married. We are now intending 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 lender say and what the property would sell for currently. Can you offer any advice?
  • Can you tell me how to have someone removed from the deeds to a property if the mortgage is with Molo Finance Buy to Let
  • Me and my former wife and I are searching for a quality conveyancing solicitor to assist in a transfer of equity and remortgage with Molo Finance Buy to Let. I I am fearful of by bill escalating out of control but with plenty conveyancing practices who do transfer of equity conveyancing out there...how do I know which to appoint?
  • Is it possible to apply to borrow a further advance from Molo Finance Buy to Let as part of a Transfer of Equity?
  • I understand we would need at least AP1 and Transfer Deed. Is this true?

Sample of questions in a lawyer questionnaire concerning a Molo Finance Buy to Let Transfer of Equity

Is the transfer of equity subject to a court order? If yes please supply a copy

Please confirm if you are making any payment for the Transfer of Equity and to whom and specify the amount?

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

Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Is it the case that one of the registered proprietors died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Information to consider 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 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 conditions are not complied with 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 cases, 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 market value of the property at finalisation of the transfer of equity transaction.
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 lawyer 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 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.


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