Sample questions relating to The Mortgage Business transfer of equity

• My former husband are looking to get a conveyancer in place 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 the country. How necessary is it to have a conveyancing solicitor local to us?
• I am hoping to refinance my apartment in Wakefield changing from Yorkshire Bank Home Loans to The Mortgage Business. The home is jointly owned but wish for it to be in my name only when I transfer. My wife is OK with this and is happy to sign a form but neither of us want to get a second conveyancing solicitor involved.
• I got divorced three years ago. I simply never dealt with the transfer ownership from both our names to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. The Mortgage Business is willing to transfer the full equity in my name (affordability checks done). Does my ex need a conveyancer?
• My fiance and I have equal shares in a investment property. I am a top rate tax payer. Ideally I would like to do a transfer of equity into her name with a view to reduce our tax on rental income. If The Mortgage Business are fine with this the legal fees are inexpensive. What are the implications when we sell? As I would no longer be on the deeds would I lose my CGT relief.
• Will I incur any charges for a Transfer of Equity where the existing home loan is with The Mortgage Business?
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with The Mortgage Business?
• I am in the process of mortgaging my home in Sedgefield does my lawyer have to be on the The Mortgage Business Conveyancing panel. The conveyancing also involves a transfer of equity.

Questions that your conveyancer could ask in relation to your The Mortgage Business Transfer of Equity

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

If your property is leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed you may be in breach 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 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 is dependent on the market value of the property at the time of completion of the transfer of equity transaction.

Preparing the Transfer of Equity with a The Mortgage Business 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 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.

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.