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

Examples of recent questions relating to The Mortgage Lender transfer of equity

  • My wife and I jointly own a investment property. I am a top rate tax payer. Preferably I wish to do a transfer of equity to her sole name to reduce our tax on the letting income. Assuming The Mortgage Lender are fine with this the legal fees are not prohibitive. What are the implications when we sell? Would my GGT relief be lost.
  • I am thinking of refinancing my home in Romsey does my lawyer need to be on the The Mortgage Lender Solicitor panel. The conveyancing also involves a transfer of equity.
  • My existing home loan is with The Mortgage Lender. Can I transfer equity to someone who is not yet eighteen years old?
  • My The Mortgage Lender home loan we jointly entered into with ex, he is agreeable to come off the deeds and let me have the property. The Mortgage Lender will permit the transfer of equity to me solely. Do The Mortgage Lender call my company to confirm my salary?
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with The Mortgage Lender?
  • I already have a mortgage with The Mortgage Lender and am retaining my current mortgaging but seeking to have have the equity transferred to my name alone so my former wife won't be on it any longer. How long can it take for the application to be processed?
  • How do I go about adding or removing names (transfer of equity) to or from my The Mortgage Lender mortgage account?

Information that may be required from your conveyancing solicitor could ask about your The Mortgage Lender Transfer of Equity

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

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Who will be responsible for the costs of the Transfer of Equity?

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

Has consent been obtained from The Mortgage Lender to the proposed transfer of equity?

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

Information to consider in in addition to the above The Mortgage Lender 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 Lender conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not complied with 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 lawyer will check with The Mortgage Lender 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 Lender 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 time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with The Mortgage Lender your property may be repossessed.

Preparing the Transfer of Equity with a The Mortgage Lender 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 The Mortgage Lender 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 conveyancer 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 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 Lender transfer of equity