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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.

Mortgage Agency Services transfer of equity: q and a’s

  • I am looking for a conveyancer to deal with my transfer of equity. Mortgage Agency Services have been approached for a remortgage. I thought of asking my mortgage broker. I understand he will likely get a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic flawed?
  • Will I incur any charges for a Transfer of Equity where the existing mortgage is with Mortgage Agency Services?
  • What are the average legal charges are for a transfer of equity? I need to transfer equity and remortgage - moving over to Mortgage Agency Services - and have been quoted £250 excluding VAT by Mortgage Agency Services's approved lawyer, Have I been over quoted?
  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
  • I am in the process of removing a name from a joint mortgage and the Mortgage Agency Services require me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Wakefield conveyancing solicitor to deal with the transfer of equity? They need to be on the Mortgage Agency Services conveyancing panel.
  • What can I do where I am unhappy with the conveyancer who conducted our transfer of equity transaction?
  • My Mortgage Agency Services mortgage is in joint names with ex, he is agreeable to come off the mortgage and let me have the property. Mortgage Agency Services have consented to the transfer of equity to me solely. Will Mortgage Agency Services call my company to check my salary?

Examples of information requested in a conveyancer form relating to Mortgage Agency Services Transfer of Equity

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

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Please give the details of those who jointly own the property with you?

Has one of the registered owners died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

Please give the name(s) and addresse(s) of anyone to be extracted from the property title?

Information to consider in supplemental the above Mortgage Agency Services transfer of equity information :

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

If your property is leasehold, provisions in 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 breach of the lease. This could potentially result in 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 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 market value of the property at the conclusion 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 conveyancing solicitor 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 contained within 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 Mortgage Agency Services transfer of equity