Examples of recent questions relating to Mortgage Express (No 2) transfer of equity

• I am planning on removing a name from a joint mortgage and the Mortgage Express (No 2) need me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Timperley conveyancer to deal with the transfer of equity? They need to be on the Mortgage Express (No 2) conveyancing panel.
• Online research suggests that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I am transferring equity and at the same time switching mortgage with Mortgage Express (No 2)
• I already have a mortgage with Mortgage Express (No 2) and am keeping my current mortgaging but seeking to have it in my name alone so my former husband will no longer be on the title. How long does the whole transfer of equity process take?
• My former wife are looking to get a conveyancing solicitor in place for a remortgage with Mortgage Express (No 2). Transfer of Equity conveyancing is also necessaryI have used the different rating based websites and the results are from all over the country. Do we need to instruct a conveyancing solicitor local to us?
• When it comes to transfer of equity conveyancing involving a remortgage with Mortgage Express (No 2) should I be charged value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Mortgage Express (No 2)?
• Last year purchased a flat without my fiance’s name on the title documents. My lawyer claimed it is due to the fact that she is not in the loan offer with Mortgage Express (No 2). Is it possible for me to add her name on the deeds?

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

General Advice to read in further to the above Mortgage Express (No 2) transfer of equity information :

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 titles

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in breach 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 as a result of 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 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 finalisation of the transfer of equity transaction.

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 conveyancer 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 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.