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The Mortgage Business

Sample questions relating to The Mortgage Business transfer of equity

  • What if my application doesn't meet The Mortgage Business lending criteria for a transfer of equity?
  • In 2011 I purchased a flat without my fiance’s name on the title. My conveyancing solicitor advised it is due to the fact that she is not in the mortgage with The Mortgage Business. I'm wondering is there any way that I can put her name on the documents at HMLR?
  • Have recently split up with my partner of thirty years. I'm now back with my parents again and she wishes to remain in the apartment and pay me off. What portion do I get. Is it 50% of the equity after redeeming the mortgage with The Mortgage Business? I assume proper valuations are necessary but I really need ensure that I'm getting the best deal
  • Can I transfer the equity held in my property with my The Mortgage Business home loan?
  • What is the process for having someone removed from the deeds to a property where the home loan is with The Mortgage Business
  • I am under the impression we would need at least AP1 and TR1. Is this true?
  • I own a apartment in Witham , with a The Mortgage Business loan with my former partner. He and his new partner are going to acquire my share. We had the go ahead from The Mortgage Business to substitute my name with hers. The transfer of equity needs to be completed by a lawyer for The Mortgage Business (supposedly). In order to save fees can I do the Land Registry formalities?

Examples of information requested in a conveyancer questionnaire concerning a The Mortgage Business Transfer of Equity

Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what figure

Where you are adding a person 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 provide a copy of your National Insurance Number?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Have you approached The Mortgage Business to seek consent to the Transfer of Equity

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

Caveats to be read in supplemental the above The Mortgage Business 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 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 have a requirement for notices to be served and that you have a license to do so from the freeholder. If such terms are not adhered to 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 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 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 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 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.


Frequently asked questions relating to The Mortgage Business transfer of equity