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Are you in need of a Transfer of Equity with a Mortgage Agency Services mortgage? Failing to check that a lawyer is on the Mortgage Agency Services 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.

Examples of recent questions relating to Mortgage Agency Services transfer of equity

  • Mortgage Agency Services yesterday agreed I can take over the mortgage on my home. I previously applied for a transfer of equity but is this a transfer of ownership of the title deeds as well?
  • Is it possible to apply to request a further advance from Mortgage Agency Services as part of a Transfer of Equity?
  • My former wife are planning to get a lawyer lined up for a remortgage with Mortgage Agency Services. Transfer of Equity conveyancing is also necessaryI have used the different comparison based services and the results are from all over England and Wales. Do we need to appoint a conveyancing solicitor local to us?
  • What is the process for adding or subtracting names (transfer of equity) to or from my Mortgage Agency Services mortgage account?
  • I am trying to find a lawyer to handle my transfer of equity. Mortgage Agency Services are dealing with the remortgage. I considered asking my mortgage broker. I understand he may get a kickback for recommending someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Any flaws you see in this way of thinking?
  • I am transferring my share of a apartment in Birmingham to the other co-owners husband, they are reapplying to Mortgage Agency Services. We are haggling as to who must pay the legal bill for the transfer of equity. Should this be split or is one party obliged to cover the fees for?
  • What is the process for having a person removed off the deeds to a property if the mortgage is with Mortgage Agency Services

Information that may be required from your conveyancer may ask regarding your Mortgage Agency Services Transfer of Equity

Please give the details of anyone to be added to the title deeds?

Has consent been obtained from Mortgage Agency Services to the proposed transfer of equity?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Where you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

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?

Please provide a copy of your National Insurance Number?

Caveats to be read in supporting the above Mortgage Agency Services transfer of equity Info :

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 Mortgage Agency Services conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation 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 lawyer will check with Mortgage Agency Services 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 Mortgage Agency Services 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 valuation of the property at finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Mortgage Agency Services your property may be repossessed.

Preparing the Transfer of Equity with a Mortgage Agency Services 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 Mortgage Agency Services 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.


Frequently asked questions relating to Mortgage Agency Services transfer of equity