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Find a Law Firm for your Transfer of Equity approved by
The Mortgage Business

Sample questions relating to The Mortgage Business transfer of equity

  • Can I apply to borrow a further advance from The Mortgage Business as part of a Transfer of Equity?
  • My former husband are planning to get a conveyancing solicitor lined up for a remortgage with The Mortgage Business. Transfer of Equity conveyancing is also requiredI have used the different comparison based services and the results are from all over England and Wales. Is it important to instruct a conveyancer local to us?
  • I understand we would need at least AP1 and TR1. Is this true?
  • My current mortgage is with The Mortgage Business. Can I transfer equity to someone less than 18 years old?
  • I own a apartment in Friern Barnet , with a The Mortgage Business mortgage with my former husband. He and his new partner are going to acquire my share. We had consent from The Mortgage Business to substitute my name with hers. The transfer of equity needs to be done by a lawyer for The Mortgage Business (supposedly). Is it possible for us to deal with the Land Registry formalities?
  • What is the process for having a person removed from the title documents to a house where the mortgage is with The Mortgage Business
  • Am I best advised stop my mortgage payments with The Mortgage Business as soon as a date for my remortgage and transfer of equity has been set?

Sample of questions in a conveyancer questionnaire concerning a The Mortgage Business Transfer of Equity

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

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

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

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Is it the case that one of the registered owners died? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

General Advice to read in supporting the above The Mortgage Business transfer of equity Info :

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 The Mortgage Business conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under 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 conveyancing solicitor will check with The Mortgage Business 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 The Mortgage Business 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 market value 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 The Mortgage Business.

Preparing the Transfer of Equity with a The Mortgage Business Mortgage

When it comes to preparing the the Land Registry documents your lawyer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If The Mortgage Business 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.

Content on this webpage is for general information and only applies to England and Wales. It should not be regarded as 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 The Mortgage Business transfer of equity