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Mortgage Express (No 2)

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

  • What can I do where I am dissatisfied with the lawyer who handled my transfer of equity conveyancing?
  • I got divorced in 2011. For some reason I never got around to transfer ownership from both our names to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Mortgage Express (No 2) is happy to transfer the full equity in my name (affordability checks done). Does she need a lawyer?
  • Have recently split up with my wife of thirty years. I'm now back with my parents again and she wants to remain in the property and buy me out. 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 necessary but I really need ensure that I'm getting what I am entitled to
  • I am in the process of removing a name from a joint mortgage and the Mortgage Express (No 2) need me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Miles Platting conveyancing solicitor to deal with the transfer of equity? They need to be on the Mortgage Express (No 2) conveyancing panel.
  • Mortgage Express (No 2) yesterday agreed I can take over the home loan on the house. I have applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds as well?
  • Can I apply to request a further advance from Mortgage Express (No 2) as part of a Transfer of Equity?
  • Given that we have been 2 a couple of years separated I have decided to give up my share of our apartment to my husband who is re-mortgaging with Mortgage Express (No 2). Could this transfer of equity be done inside four weeks?

Questions that your lawyer is likely to ask about 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?

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

Please provide the details of anyone to be removed from the property title?

Can you provide the name(s) and addresse(s) of anyone who jointly owns the property with you?

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

If 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” Form.

Caveats to be read in in addition to the above Mortgage Express (No 2) transfer of equity Advice :

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 titles

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such terms are not adhered to 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 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 conveyancing solicitor 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 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 lawyer 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.


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