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Mortgage Express (No 2)

Recently asked questions relating to Mortgage Express (No 2) transfer of equity

  • I am in the process of remortgaging my home in Wakefield does my lawyer need to be on the Mortgage Express (No 2) Conveyancing panel. The conveyancing also involves a transfer of equity.
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Mortgage Express (No 2)?
  • I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
  • I jointly own a property in Sedgefield , with a Mortgage Express (No 2) mortgage with my former husband. He and his fiance are going to buy me out. We had the go ahead from Mortgage Express (No 2) to replace my name with hers. The transfer of equity needs to be completed by a conveyancer for Mortgage Express (No 2) (supposedly). Can we deal with the Land Registry change?
  • I am disposing of my equity in property in Birmingham to my co-owners husband, they are reapplying to Mortgage Express (No 2). We are in heated discussion as to who must cover the costs of the transfer of equity. Is this usually shared or is one party obliged to cover the charges for?
  • Can I apply to borrow more money from Mortgage Express (No 2) as part of a Transfer of Equity?
  • What are the average conveyancing fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Mortgage Express (No 2) - and have been quoted Four Hundred pounds plus VAT by Mortgage Express (No 2)'s approved conveyancer, Is this a reasonable price?

Information that may be required from your conveyancer is likely to ask in relation to your Mortgage Express (No 2) Transfer of Equity

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

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?

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

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

Has consent been obtained from Mortgage Express (No 2) to the proposed 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?

Caveats to be read in further to the above Mortgage Express (No 2) 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 Express (No 2) conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to 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 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 lawyer will check with Mortgage Express (No 2) 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 Express (No 2) 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 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 Express (No 2).

Preparing the Transfer of Equity with a Mortgage Express (No 2) 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 Express (No 2) 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 Express (No 2) transfer of equity