Top seven questions relating to Mortgage Express (No 2) transfer of equity
- What is the process for having a person removed off the title documents to a house if the mortgage is with Mortgage Express (No 2)
- Law week I split up with my partner of thirty years. I'm now back with my parents again and she wants to remain in the apartment and pay me off. What portion am I entitled to. Is it 50% of the equity after redeeming the Mortgage Express (No 2) home loan? I assume proper valuations are required but I would like ensure that I'm getting the best deal
- I bought a property with my brother six years ago Since then, we have both got married. We are now intending to do a transfer of equity so my name comes off the Mortgage Express (No 2) mortgage. There is a 40k difference between the value the bank hold and what the property would sell for currently. Can you offer any advice?
- I co-own a property in Blaenavon
, with a Mortgage Express (No 2) loan with my ex husband. He and his fiance are going to buy me out. We had consent from Mortgage Express (No 2) to remove my name with hers. The transfer of equity has to be completed by a conveyancer for Mortgage Express (No 2) (apparently). Is it possible for us to deal with the Land Registry formalities?
- My Mortgage Express (No 2) mortgage is in joint names with ex, who has agreed to be removed and put the house in my name alone. Mortgage Express (No 2) will permit the transfer of equity to me solely. Do Mortgage Express (No 2) get in touch with my company to verify my salary?
- I am thinking of remortgaging my house in Dunnington
does my lawyer need to be on the Mortgage Express (No 2) Conveyancing panel. The conveyancing also involves a transfer of equity.
- I am answering a Mortgage Express (No 2) transfer of equity form and have come to the questions that asks about defaults etc. There are some debts that I have been clearing for a number of years, in fact they no longer remain my credit score. Must I set these out?
Examples of information requested in a lawyer questionnaire concerning a Mortgage Express (No 2) Transfer of Equity
If 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.
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Can you give the details of those who jointly own the premises with you?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please give the name(s) and addresse(s) of anyone to be added to the title deeds?
Would you like us to draw up a Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?
General Advice to read in further to 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
Should the tenure of your property be leasehold, provisions in 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 conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 is dependent on the valuation of the property at finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Mortgage Express (No 2) your property may be repossessed.
Preparing the Transfer of Equity with a Mortgage Express (No 2) Mortgage
When it comes to preparing the the Land Registry documents your conveyancer 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.
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.