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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.

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

  • I am am in need of a conveyancer to undertake my transfer of equity. Mortgage Express (No 2) have been approached for a refinancing. I thought of asking my financial adviser. I understand he will likely receive a kickback for recommending a firm, but also of benefit will be that he knows the conveyancer, has dealt with them before. Any flaws you see in this way of thinking?
  • Can you tell me how to have someone removed from the deeds to a house if the home loan is with Mortgage Express (No 2)
  • Is it possible to transfer the equity held in my property with my Mortgage Express (No 2) home loan?
  • My Mortgage Express (No 2) home loan we jointly entered into with ex, he 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) call my boss to check my salary?
  • I am selling my share of a flat in Hendon to my co-owners fiance, they are sticking with Mortgage Express (No 2) as the the existing lender. We are debating as to who must cover the legal bill for the transfer of equity. Is this usually shared or is one party obliged to cover the fees for?
  • I am in the process of removing a name from a joint mortgage and the Mortgage Express (No 2) require me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Dunnington conveyancer to deal with the transfer of equity? They need to be on the Mortgage Express (No 2) conveyancing panel.
  • I am under the impression we would need at least AP1 and TR1. Is this true?

Examples of information requested in a lawyer form concerning a Mortgage Express (No 2) Transfer of Equity

Please provide the details of anyone to be added to the title deeds?

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

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

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 let us know of you wish us to draft you Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Important warnings to consider in conjunction with the above Mortgage Express (No 2) transfer of equity information :

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 landlord. If such conditions are not complied with you may be in violation 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 cases, 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 market value of the property at the conclusion of the transfer of equity transaction.
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 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.

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.


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