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Common questions relating to Mortgage Agency Services transfer of equity

  • Will I incur any charges for a Transfer of Equity where the existing home loan is with Mortgage Agency Services?
  • I got divorced three years ago. I simply never dealt with the transfer ownership from both our names to just in my name. I am ready to do that and so is she. Transfer-of-equity is needed. Mortgage Agency Services is happy to transfer the full equity in my name (financial checks done). Does she need any legal representation?
  • Me and a friend got a joint mortgage with Mortgage Agency Services on a apartment a couple of years ago. I am now thinking of purchasing a flat by myself and my friend would like to buy me out. Once we have agreed a price what happens next? Is there likely to be any concerns with Mortgage Agency Services with him being responsible for the total mortgage rather than only half of it?
  • My decree absolute is through as is the consent order. Now I must deal with the transfer of equity at the HMLR and the Mortgage Agency Services mortgage. I have contacted Mortgage Agency Services for the transfer of equity application. What are my next steps?
  • I am hoping to refinance my maisonette in Witham moving from RBS to Mortgage Agency Services. The maisonette is jointly owned but wish for it to be in my name only when I switch. My wife is OK with this and is happy to transfer equity but neither of us want to get a second conveyancing solicitor involved.
  • My ex-wife and I are in the market for a trustworthy conveyancing solicitor to assist in a transfer of equity and remortgage with Mortgage Agency Services. I I am fearful of by bill escalating out of control but with various conveyancing organisations who do transfer of equity conveyancing out there...how do I know which one is best select?
  • My Mortgage Agency Services home loan we jointly entered into with ex, who is agreeable to be removed and put the house in my name alone. Mortgage Agency Services have consented to the transfer of equity to my individual name. Do Mortgage Agency Services call my company to confirm my salary?

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

Please list all persons who occupy the property, their respective ages and relationships to you.

Please provide the details of anyone to be added to the property title?

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

Can you provide the name(s) and addresse(s) of anyone who jointly owns the premises with you?

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

Please inform us where you are making any payment for the Transfer of Equity and to whom and specify any such sums?

Information to consider in conjunction with 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 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 violation of the lease. This could trigger 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 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 the conclusion of the transfer of equity conveyancing.
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 lawyer 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 Mortgage Agency Services transfer of equity