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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.

Sample questions relating to Precise Mortgages transfer of equity

  • What can I do where I am dissatisfied with the lawyer who handled my transfer of equity transaction?
  • Will I incur any charges for a Transfer of Equity where the existing home loan is with Precise Mortgages?
  • What should I be budgeting for when it comes to what legal charges are for a transfer of equity? I need to transfer equity and refinance - new loan with Precise Mortgages - and have been quoted Three Hundred pounds including VAT by Precise Mortgages's appointed conveyancing solicitor, Have I been over quoted?
  • Can I transfer the equity held in my property with my Precise Mortgages mortgage?
  • I co-own a apartment in Dunnington , with a Precise Mortgages mortgage with my ex partner. Him and his new partner are going to acquire my share. We had consent from Precise Mortgages to substitute my name with hers. The transfer of equity has to be completed by a lawyer for Precise Mortgages (supposedly). In order to save fees can I deal with the Land Registry formalities?
  • I recently purchased a apartment without my partner's name on the deeds. My lawyer advised it is because she is not in the mortgage with Precise Mortgages. I'm wondering is there any way that I can put her name on the deeds?
  • At what point do I incur stamp duty chargeable for the transfer of equity in my home in my name alone which is happening simultaneously with a remortgage with Precise Mortgages?

Examples of questions in a conveyancer questionnaire relating to Precise Mortgages Transfer of Equity

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

Can you give the name(s) and addresse(s) of those who jointly own the premises with you?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Have you approached Precise Mortgages to obtain consent to the Transfer of Equity

Where you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Important warnings to consider in further to the above Precise Mortgages transfer of equity Questions and Answers :

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 Precise Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

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 violation of the lease. This could trigger 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 lawyer 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 market value 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 conveyancer 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 lawyer 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 Precise Mortgages transfer of equity