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Are you in need of a Transfer of Equity with a Precise Mortgages (Charter Court Financial Services Ltd) mortgage? Failing to check that a lawyer is on the Precise Mortgages (Charter Court Financial Services Ltd) list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Precise Mortgages transfer of equity example support desk enquires

  • The financial adviser has suggested using their lawyer for the Transfer of Equity plus remortgage with Precise Mortgages - Is it not simpler easier to just use them?
  • My current home loan is with Precise Mortgages. Can I transfer equity to someone who is not yet eighteen years old?
  • Have recently separated from my partner of thirty years. I'm now living with my mum and dad and she wishes to remain in the property and pay me off. What portion am I entitled to. Is it half of the equity after paying off the mortgage with Precise Mortgages? I assume proper valuations are necessary but I really need ensure that I'm getting the best deal
  • I am planning on removing a name from a joint mortgage and the Precise Mortgages need me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Wakefield conveyancing solicitor to deal with the transfer of equity? They need to be on the Precise Mortgages conveyancing panel.
  • My partner and I co-own a property in Wakefield . Home loan is with Precise Mortgages. I wish to transfer full ownership to him with no passing of money but without using a lawyer. Is this likely to be straightforward?
  • Precise Mortgages have just agreed I can take over the home loan on the flat. I previously applied for a transfer of equity but presumably there is a transfer of ownership of the house as well?
  • Can you tell me how to have a person removed off the deeds to a property if the mortgage is with Precise Mortgages

Information that may be required from your lawyer could ask about your Precise Mortgages Transfer of Equity

Please provide a copy of your National Insurance Number?

Has consent been obtained from Precise Mortgages to the proposed transfer of equity?

Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

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 give the name(s) and addresse(s) of anyone to be added to the title deeds?

Is the transfer of equity subject to a court order? If yes please supply a copy

Caveats to be read in in addition to the above Precise Mortgages transfer of equity Questions and Answers :

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 Precise Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not complied with 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 pursuant to an Order of the Court, then Insolvency Indemnity Insurance is not required. In other situations, 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 Precise 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 Precise 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 time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Precise Mortgages.

Preparing the Transfer of Equity with a Precise 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 Precise 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.

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 Precise Mortgages transfer of equity