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Mortgage Agency Services transfer of equity example support desk enquires

  • Mortgage Agency Services have just agreed I can take over the home loan on my home. I have applied for a transfer of equity but presumably there is a transfer of ownership at HMLR in addition?
  • My ex-wife and I are in the market for an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with Mortgage Agency Services. I want to avoid being ripped off and there are lots of conveyancing solicitors who do transfer of equity conveyancing out there...who's the best?
  • Our mortgage broker has suggested using their lawyer for our Transfer of Equity plus remortgage with Mortgage Agency Services - Surely it’s easier to just use them?
  • I intend to remortgage my flat in Winchelsea moving from Skipton to Mortgage Agency Services. The flat is jointly owned but propose for it to be in my name only once I switch. My husband has verbally consented to this and is happy to sign a form but neither of us want to get a second conveyancing solicitor involved.
  • Do I need legal representation when doing a transfer of equity where the mortgage is to remain with Mortgage Agency Services?
  • Been reviewing online forums that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I am transferring equity and simultaneously switching mortgage with Mortgage Agency Services
  • I already have a home loan with Mortgage Agency Services and am maintaining my current mortgaging but wish to have have the equity transferred to my sole name so my ex won't be on it any longer. How long do Mortgage Agency Services take to deal with the application?

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

Would you like us to prepare Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?

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

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

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

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

Please confirm where you are providing any payment for the Transfer of Equity and to whom and specify any such sums?

Important warnings to consider in conjunction with the above Mortgage Agency Services transfer of equity Advice :

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 properties

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. 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 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 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 varies based on the valuation of the property at finalisation of the transfer of equity transaction.
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.

Content on 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