Examples of recent questions relating to Mortgage Express (No 2) transfer of equity
- After three years estranged I have decided to give up my interest in our house to my husband who is re-mortgaging with Mortgage Express (No 2). Could this transfer of equity be done in one month?
- I jointly own a house in Romsey
, with a Mortgage Express (No 2) loan with my former husband. He and his new partner are going to buy me out. We had approval from Mortgage Express (No 2) to remove my name with hers. The transfer of equity needs to be done by a conveyancing solicitor for Mortgage Express (No 2) (supposedly). Is it possible for us to do the Land Registry change?
- Have recently separated from my wife of 18 years. I'm now back with my mum and dad and she wants to stay in the flat and buy me out. What portion do I get. Is it 50% of the equity after redeeming the mortgage with Mortgage Express (No 2)? I assume proper valuations are required but I would like to be confident that I'm getting what I am entitled to
- Can you tell me how to have a person removed from the title documents to a property where the mortgage is with Mortgage Express (No 2)
- I got divorced two years ago. For some reason I never got around to change the ownership from both our names to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Mortgage Express (No 2) is happy to transfer the property and loan in my name (affordability checks done). Does my ex need a solicitor?
- What legal advice do I need when doing a transfer of equity where the home loan is to remain with Mortgage Express (No 2)?
- I understand we would need at least AP1 and TR1. Is this true?
Information that may be required from your conveyancing solicitor may ask in relation to your Mortgage Express (No 2) Transfer of Equity
Please provide the name(s) and addresse(s) of anyone to be removed from the property title?
Please give the details of anyone who jointly owns the premises with you?
Is it the case that one of the registered owners passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.
Please clarify where you are providing any payment for the Transfer of Equity and to whom and give details of any such sums?
Please give the details of anyone to be added to the property title?
Has consent been obtained from Mortgage Express (No 2) to the proposed transfer of equity?
Information to consider in conjunction with the above Mortgage Express (No 2) transfer of equity Info :
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 premises
If your property is leasehold, the lease may require that you have a license to do so from the freeholder. 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.
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 varies based on the valuation of the property at finalisation 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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.
Information provided 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.