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

• I am in the market for a quality conveyancing lawyer to assist in a transfer of equity and refinance with Mortgage Express (No 2). I I am concerned about by bill escalating out of control but with plenty conveyancing firms who do transfer of equity conveyancing to pick from...who do I opt for?
• My decree absolute is through as is the consent order. Now I must sort out the transfer of equity at the HMLR and the Mortgage Express (No 2) home loan. I have called Mortgage Express (No 2) for the transfer of equity application. What happens next?
• 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 bought a house with a friend in 2010 Since then, we have both got married. We are now seeking to do a transfer of equity so my name is removed the Mortgage Express (No 2) mortgage. There is a meaningful difference between the value the lender hold and what the property would sell for currently. Can you offer any advice?
• I am hoping to remortgage my maisonette in Timperley switching from Lloyds TSB to Mortgage Express (No 2). The apartment is jointly owned but wish for it to be in my sole name when I transfer. My husband has verbally consented to this and is willing to sign a form but neither of us want to incur conveyancing solicitor charges.
• What if my application doesn't meet Mortgage Express (No 2) lending criteria for a transfer of equity?
• My Mortgage Express (No 2) mortgage we jointly entered into with ex, he is agreeable to be removed and let me have the property. Mortgage Express (No 2) will permit the transfer of equity to me solely. Do Mortgage Express (No 2) write my company to check my salary?

Questions that your lawyer is likely to ask about your Mortgage Express (No 2) Transfer of Equity

Information to consider 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 premises

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation 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 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 the conclusion of the transfer of equity conveyancing.

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.

Information contained within 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.