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MPowered Mortgages

Examples of recent questions relating to MPowered Mortgages transfer of equity

  • I own a flat in Rye , with a MPowered Mortgages mortgage with my ex husband. He and his fiance are going to buy me out. We had approval from MPowered Mortgages to replace my name with hers. The transfer of equity has to be completed by a conveyancing solicitor for MPowered Mortgages (supposedly). Is it possible for us to do the Land Registry change?
  • Law week I split up with my partner of twenty years. I'm now back with my mum and dad and she wants to stay in the flat and pay me off. What portion do I get. Is it half of the equity after paying off the mortgage with MPowered Mortgages? I assume proper valuations are required but I would like to be confident that I'm getting the best deal
  • I am planning on removing a name from a joint mortgage and the MPowered Mortgages require me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Winchelsea conveyancer to deal with the transfer of equity? They need to be on the MPowered Mortgages conveyancing panel.
  • I understand we would need at least AP1 and TR1. Is this true?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • Can you tell me how to have someone removed from the title documents to a house if the home loan is with MPowered Mortgages
  • When it comes to transfer of equity conveyancing involving refinance with MPowered Mortgages should I be invoiced value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee

Questions that your conveyancer may ask in relation to your MPowered Mortgages Transfer of Equity

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

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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

Please provide a copy of your National Insurance Number?

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Who will be responsible for the costs of the Transfer of Equity?

Information to consider in further to the above MPowered Mortgages 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 MPowered Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under 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 MPowered Mortgages 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 MPowered Mortgages 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with MPowered Mortgages.

Preparing the Transfer of Equity with a MPowered Mortgages 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 MPowered Mortgages 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.


Frequently asked questions relating to MPowered Mortgages transfer of equity