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Find a Law Firm for your Transfer of Equity approved by
Mortgage Agency Services

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

  • Am I best advised stop the direct debit for my mortgage with Mortgage Agency Services as soon as a date for my remortgage and transfer of equity has been set?
  • Taking into account that we have been four years apart I have made the decision to relinquish up my interest in our apartment to my husband who is re-mortgaging with Mortgage Agency Services. Can a transfer of equity be completed inside four weeks?
  • At what point do I cover the costs of stamp duty due for the transfer of equity in my home in my name alone which is happening simultaneously with a remortgage via Mortgage Agency Services?
  • What if my application doesn't meet Mortgage Agency Services lending criteria for a transfer of equity?
  • I am planning on removing a name from a joint mortgage and the Mortgage Agency Services need me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Winchelsea conveyancing solicitor to deal with the transfer of equity? They need to be on the Mortgage Agency Services conveyancing panel.
  • My former husband are looking to get a lawyer lined up for a new mortgage with Mortgage Agency Services. Transfer of Equity conveyancing is also necessaryI have used the different rating based websites and the results are from all over England and Wales. How necessary is it to appoint a lawyer local to us?
  • I plan to remortgage my apartment in Timperley changing from Barclays to Mortgage Agency Services. The apartment is jointly owned but intend for it to be in my sole name when I remortgage. My wife is OK with this and is willing to sign a form but neither of us want to incur conveyancer charges.

Information that may be required from your conveyancer could ask in relation to your Mortgage Agency Services Transfer of Equity

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

We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

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

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

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?

If you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Important warnings to consider in supporting the above Mortgage Agency Services 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 Mortgage Agency Services conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not complied with 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 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 conveyancer 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 is dependent on the valuation of the property at the time of completion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Mortgage Agency Services.

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 conveyancer 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 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