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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.

Sample questions relating to Mortgage Agency Services transfer of equity

  • I already have a mortgage with Mortgage Agency Services and am maintaining my existing mortgaging but applying to have have the equity transferred to my name alone so my ex won't be on it any longer. How long does the whole transfer of equity process take?
  • I got divorced four years ago. For some reason I never got around to transfer ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Mortgage Agency Services is willing to transfer the property and loan in my name (affordability checks done). Does my ex need a solicitor?
  • Me and my partner co-own a flat in Friern Barnet . Home loan is with Mortgage Agency Services. I would like to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Is this likely to be simple?
  • After 2 a couple of years separated I have made the decision to transfer my interest in the house to my husband who is re-mortgaging with Mortgage Agency Services. Can a transfer of equity be completed in one month?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • Will I incur any charges for a Transfer of Equity where the existing home loan is with Mortgage Agency Services?
  • I am selling my share of a property in Woodside to my co-owners fiance, they are reapplying to Mortgage Agency Services. We are in heated discussion as to who should cover the fees for the transfer of equity. Is this usually split or is one of us liable for the legal bill?

Examples of information requested in a conveyancer questionnaire concerning a Mortgage Agency Services Transfer of Equity

If are intent on holding 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 clarify where you are providing any payment for the Transfer of Equity and to whom and disclose the amount?

Who will be responsible for the costs of the Transfer of Equity?

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

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

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?

Information to consider in conjunction with 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 premises

If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such terms are not adhered to you may be in breach 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 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 valuation 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 conveyancer 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