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Mortgage Express (No 2)

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

  • What can I do where I am unhappy with the conveyancing solicitor who did my transfer of equity conveyancing?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Mortgage Express (No 2)?
  • I got divorced four years ago. Foolishly I never got around to transfer ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Mortgage Express (No 2) is content to transfer the property and loan in my name (financial checks done). Does my ex need a lawyer?
  • Have recently separated from my wife of thirty years. I'm now back with my parents again and she wants to remain in the flat and buy me out. What percentage do I get. Is it 50% of the equity after discharging the mortgage with Mortgage Express (No 2)? I assume proper valuations are necessary but I really need to be sure that I'm getting what I am entitled to
  • What is the process for adding or removing names (transfer of equity) to or from my Mortgage Express (No 2) mortgage account?
  • I am planning on removing a name from a joint mortgage and the Mortgage Express (No 2) need me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Sedgefield conveyancer to deal with the transfer of equity? They need to be on the Mortgage Express (No 2) conveyancing panel.
  • Me and a friend got a joint mortgage with Mortgage Express (No 2) on a flat a couple of years ago. I am now thinking of purchasing a house on my own and my friend would like to buy me out. On the basis that we can settle on an amount where do we go? Would there be any potential issue with Mortgage Express (No 2) with him being on the hook for the total mortgage as opposed to only part of it?

Information that may be required from your conveyancing solicitor could ask about your Mortgage Express (No 2) Transfer of Equity

Please provide a copy of your National Insurance Number?

Please give the details of anyone to be removed from the title deeds?

Can you give the name(s) and addresse(s) of those who jointly own the premises with you?

If you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Please list all persons who occupy the property, their respective ages and relationships to you.

Has one of the registered proprietors died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Caveats to be read in in addition to 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 titles

If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such conditions are not complied with 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 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 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 time of completion of the transfer of equity transaction.
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 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 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