Examples of recent questions relating to The Mortgage Business transfer of equity
- My partner and I co-own a house in Friern Barnet
. Mortgage is with The Mortgage Business. I would like to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be easy to so?
- My existing home loan is with The Mortgage Business. Can I transfer equity to someone under 18 years old?
- I am in the process of removing a name from a joint mortgage and the The Mortgage Business require me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Winchelsea
conveyancing solicitor to deal with the transfer of equity? They need to be on the The Mortgage Business conveyancing panel.
- I own a house in Miles Platting
, with a The Mortgage Business loan with my former husband. He and his fiance are going to buy me out. We had the go ahead from The Mortgage Business to remove my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for The Mortgage Business (apparently). In order to save fees can I deal with the Land Registry change?
- Given that we have been three years separated I have made the decision to relinquish up my interest in the flat to my husband who is refinancing with The Mortgage Business. Could this transfer of equity be completed in less than 28 days?
- My friend and I got a joint mortgage with The Mortgage Business on a property about a year ago. I am now thinking of purchasing a house on my own and my friend would like to buy me out. On the basis that we can settle on a figure what are the next steps? Would there be any potential concerns with The Mortgage Business with him being on the hook for the total loan as opposed to only half of it?
- I am transferring my equity in property in Warwick to the other co-owners fiance, they are reapplying to The Mortgage Business. We are debating as to who should cover the legal bill for the transfer of equity. Should this be shared or is one party liable for the costs of?
Questions that your conveyancer may ask about your The Mortgage Business Transfer of Equity
We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)
Have you approached The Mortgage Business to seek consent to the Transfer of Equity
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Can you give the name(s) and addresse(s) of anyone who jointly owns the premises with you?
Please list all persons who occupy the property, their respective ages and relationships to you.
If you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Information to consider in further to the above The Mortgage Business 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 The Mortgage Business conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold premises
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 restrictions 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.
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 varies based on the market value of the property at finalisation 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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.
Information provided 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.