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Mortgage Express (No 2)

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

  • I am in the process of removing a name from a joint mortgage and the Mortgage Express (No 2) require me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Rye conveyancing solicitor to deal with the transfer of equity? They need to be on the Mortgage Express (No 2) conveyancing panel.
  • I am trying to find a conveyancing solicitor to deal with my transfer of equity. Mortgage Express (No 2) have been approached for a remortgage. I considered asking my mortgage broker. I understand he will likely receive a referral fee for suggesting someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?
  • Last year bought a house without my partner's name on the deeds. My conveyancing solicitor said it is because she was 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?
  • Am I best advised cancel the direct debit for my mortgage with Mortgage Express (No 2) as soon as a date for my remortgage and transfer of equity has been set?
  • I am considering refinancing my flat in Miles Platting does my lawyer need to be on the Mortgage Express (No 2) Conveyancing panel. The conveyancing also involves a transfer of equity.
  • Can I transfer the equity held in my property with my Mortgage Express (No 2) home loan?
  • I already have a home loan with Mortgage Express (No 2) and am keeping my current mortgaging but wish to have have the equity transferred to my sole name so my former husband will come off the deeds. How long do Mortgage Express (No 2) take to deal with the application?

Examples of information requested in a conveyancing solicitor questionnaire relating to Mortgage Express (No 2) Transfer of Equity

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

Would you like us to prepare Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

Is it the case that one of the registered owners passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Is there to be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Please provide a copy of your National Insurance Number?

Please give the name(s) and addresse(s) of anyone to be added to the title deeds?

Information to consider in further to the above Mortgage Express (No 2) transfer of equity Questions and Answers :

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, 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 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 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 valuation 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 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 does not constitute 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