LenderPanel.com

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

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

  • My mortgage broker has suggested using their conveyancer for the Transfer of Equity plus remortgage with Mortgage Express (No 2) - Is it not simpler advisable to just instruct them?
  • When it comes to transfer of equity conveyancing involving refinance with Mortgage Express (No 2) should I be paying VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • How do I go about adding or removing names (transfer of equity) to or from my Mortgage Express (No 2) mortgage account?
  • My decree absolute is through as is the consent order. Now I have to deal with the transfer of equity for the property and the Mortgage Express (No 2) mortgage. I have called Mortgage Express (No 2) for the transfer of equity application. What do I do now?
  • Law month I split up with my partner of twenty years. I'm now living with my parents again and she wishes to stay in the apartment and buy me out. What percentage 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 really need ensure that I'm getting the best deal
  • How and when do I incur stamp duty due for the transfer of equity in my house in my name alone which is happening simultaneously with a switching mortgage via Mortgage Express (No 2)?
  • My partner and I jointly own a house in Friern Barnet . Mortgage is with Mortgage Express (No 2). I would like to transfer full ownership to him with no payment of money but without using a conveyancer. Do you think this should be easy to so?

Examples of questions in a conveyancing solicitor questionnaire concerning a 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 provide details of the amount?

Has one of the registered proprietors died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

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 name(s) and addresse(s) of anyone to be removed from the title deeds?

Please give the name(s) and addresse(s) of anyone who jointly owns the premises with you?

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

Caveats to be read in supporting the above Mortgage Express (No 2) transfer of equity Questions and Answers :

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 properties

If your property is leasehold, provisions in the lease may require that you obtain the consent of 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.

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 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 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 varies based on the valuation of the property at the conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Mortgage Express (No 2).

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