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The Mortgage Lender transfer of equity: q and a’s

  • Is it possible to transfer the equity held in my property with my The Mortgage Lender home loan?
  • My The Mortgage Lender mortgage is in joint names with ex, he has agreed to be removed and put the house in my name alone. The Mortgage Lender have consented to the transfer of equity to my individual name. Will The Mortgage Lender get in touch with my boss to confirm my salary?
  • Am I best advised stop the direct debit for my mortgage with The Mortgage Lender once a date for my remortgage and transfer of equity has been agreed?
  • My existing home loan is with The Mortgage Lender. Can I transfer equity to someone who is not yet 18 years old?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • I got my Decree Absolute four years ago. Foolishly I never got around to transfer ownership from the current 'joint' status to my sole name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. The Mortgage Lender is content to transfer the full equity in my name (affordability checks done). Does she need a conveyancer?
  • Is it possible to apply to request more money from The Mortgage Lender as part of a Transfer of Equity?

Sample of questions in a conveyancing solicitor form concerning a The Mortgage Lender Transfer of Equity

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

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

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

Is the transfer of equity subject to a court order? If yes please supply a copy

Please provide the name(s) and addresse(s) of those who jointly own the property with you?

Please provide the name(s) and addresse(s) of anyone to be removed from the property title?

Information to consider in in addition to the above The Mortgage Lender 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 Lender 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 have a license to do so from the landlord. 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 conveyancer 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 conclusion of the transfer of equity transaction.
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 conveyancing solicitor 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