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Mortgage Express (No 2)

Are you in need of a Transfer of Equity with a Mortgage Express mortgage? Failing to check that a lawyer is on the Mortgage Express 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 Express (No 2) transfer of equity

  • Me and my former partner and I are searching for a dependable conveyancing solicitor to help me sell in a transfer of equity and remortgage with Mortgage Express (No 2). I I am fearful of being overcharged and there's so many conveyancing firms who do transfer of equity conveyancing to pick from...how do I know which to select?
  • Is it possible to transfer the equity held in my property with my Mortgage Express (No 2) home loan?
  • Have recently separated from my ex of twenty years. I'm now living with my parents again and she wants to stay in the flat and pay me off. What percentage do I get. Is it 50% of the equity after paying off the Mortgage Express (No 2) home loan? I assume proper valuations are necessary but I would like to be confident that I'm getting what I am entitled to
  • I am considering refinancing my apartment in Littleborough does my lawyer need to be on the Mortgage Express (No 2) Solicitor panel. The conveyancing also involves a transfer of equity.
  • What are my options where I am dissatisfied with the conveyancer who conducted our transfer of equity conveyancing?
  • Last year purchased a flat without my wife's name on the ownership paperwork. My conveyancer claimed it is because she is not in the mortgage with Mortgage Express (No 2). I'm wondering is there any way that I can add her name on the documents at HM Land Registry?
  • My former wife are seeking to get a conveyancing solicitor lined up for a refinance with Mortgage Express (No 2). Transfer of Equity conveyancing is also neededI have used the different rating based websites and the results are from all over UK. How necessary is it to appoint a conveyancing solicitor local to us?

Questions that your conveyancer may ask in relation to your Mortgage Express (No 2) 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 give the details of anyone to be extracted from the title deeds?

Have you approached Mortgage Express (No 2) to obtain consent to the Transfer of Equity

Where you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Information to consider in supporting the above Mortgage Express (No 2) 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 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 have a requirement for notices to be served and that you obtain the consent of the freeholder. 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 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 is dependent on the valuation of the property at finalisation of the transfer of equity conveyancing.
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 conveyancing solicitor 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 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 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