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

• Me and my former wife and I are in the market for a quality conveyancing solicitor to assist in a transfer of equity and refinance with Mortgage Express (No 2). I really don't want to get ripped off and there are lots of conveyancing practices who do transfer of equity conveyancing out there...who do I opt for?
• Will I incur any fees for a Transfer of Equity where the current home loan is with Mortgage Express (No 2)?
• My mum passed away seven months ago leaving a loan-free semi to me and my half brother equally. He has always lived in the property, there was a condition in the will specifying that the premisescould not be sold for three years following her passing so he could remain there for a prescribed period. He now wants to remain in the house beyond the prescribed period. We have considered a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the usual way to acquire my half from me?
• I got my Decree Absolute four years ago. Foolishly I never got around to transfer ownership from the current 'joint' status to my sole name. I am ready to do that and so is she. Transfer-of-equity is needed. Mortgage Express (No 2) is willing to transfer the property and loan in my name (financial checks done). Does she need any legal representation?
• I am thinking of refinancing my home in Blaenavon does my lawyer have to be on the Mortgage Express (No 2) Conveyancing panel. The conveyancing also involves a transfer of equity.
• What are my options where I am not happy with the lawyer who conducted our transfer of equity conveyancing?
• My former husband are seeking to get a conveyancing solicitor in place for a new mortgage with Mortgage Express (No 2). Transfer of Equity conveyancing is also requiredI have used the different comparison based websites and the results are from all over UK. How necessary is it to have a conveyancer local to us?

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

Caveats to be read in in addition to 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, 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 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 conveyancer 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 time of completion 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 conveyancer 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.