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Are you in need of a Transfer of Equity with a Molo Finance Buy to Let Mortgages mortgage? Failing to check that a lawyer is on the Molo Finance Buy to Let Mortgages list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

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

  • I currently have a joint Molo Finance Buy to Let mortgage with my step-brother and am looking into the option of him assuming responsibility for the whole mortgage and extracting myself from it, to enable me to buy a place with my partner. The outstanding mortgage is in the region 300k, and the property value is approx 450k. Is this a transfer of equity? Is land tax involved?
  • Can I transfer the equity held in my property with my Molo Finance Buy to Let home loan?
  • What are my options where I am not happy with the conveyancer who did my transfer of equity transaction?
  • Is it sensible to stop my mortgage payments with Molo Finance Buy to Let as soon as a date for my remortgage and transfer of equity has been agreed?
  • I purchased a house with a friend five.seven years ago Since then, 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 meaningful difference between the value the Molo Finance Buy to Let hold and what the property would sell for currently. Can you offer any advice?
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Molo Finance Buy to Let?
  • How do I go about adding or removing names (transfer of equity) to or from my Molo Finance Buy to Let mortgage account?

Sample of information requested in a conveyancing solicitor questionnaire concerning a Molo Finance Buy to Let Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Can you give the name(s) and addresse(s) of those who jointly own the premises with you?

Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what sums

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?

Please provide a copy of your National Insurance Number?

Has consent been obtained from Molo Finance Buy to Let to the proposed transfer of equity?

Caveats to be 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 premises

If your property is leasehold, the lease may require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation 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 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 the conclusion 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 conveyancer 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.


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