LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Mortgage Express (No 2)

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

  • How and when do I pay stamp duty chargeable for the transfer of equity in my home in my name alone which is happening simultaneously with a remortgage via Mortgage Express (No 2)?
  • My brother and I got a joint mortgage with Mortgage Express (No 2) on a property in 2013. I am now looking to get a apartment on my own and my friend would like to buy me out. Assuming we can agree a figure what are the next steps? Would there be any potential concerns with Mortgage Express (No 2) with him being responsible for the total loan rather than only part of it?
  • I own a apartment 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 approval from Mortgage Express (No 2) to replace my name with hers. The transfer of equity has to be done by a lawyer for Mortgage Express (No 2) (apparently). Can we do the Land Registry change?
  • Me and my partner co-own a property in Heathfield . Mortgage is with Mortgage Express (No 2). I wish to transfer full ownership to him with no passing of money but without using a conveyancer. Is this likely to be straightforward?
  • Can I transfer the equity held in my property with my Mortgage Express (No 2) mortgage?
  • My partner and I have equal shares in a buy to let. I am a top rate tax payer. Preferably I wish to do a transfer of equity into her name to reduce our tax on the letting income. If Mortgage Express (No 2) are content with this the legal fees are inexpensive. However what happens when we sell? As I would no longer be on the title documents would I lose my CGT relief.
  • Do I need legal representation when doing a transfer of equity where the mortgage is to remain with Mortgage Express (No 2)?

Examples of questions in a lawyer questionnaire concerning a Mortgage Express (No 2) Transfer of Equity

Please let us know where you are providing any payment for the Transfer of Equity and to whom and notify us any such sums?

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

Has 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..

Please provide a copy of your National Insurance Number?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Please provide the details of anyone to be extracted from the title deeds?

Caveats to be read in supplemental 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

If your property is leasehold, 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 terms are not adhered to you may be in violation of 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 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 market value of the property at the time of completion 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 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.

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