Examples of recent questions relating to The Mortgage Lender transfer of equity
- I already have a home loan with The Mortgage Lender and am retaining my current mortgaging but applying to have it in my sole name so my ex won't be on it any longer. How long do The Mortgage Lender take to deal with the application?
- What is the process for having someone removed from the title documents to a property if the mortgage is with The Mortgage Lender
- I jointly own a house in Sedgefield
, with a The Mortgage Lender mortgage with my ex husband. Him and his new partner are going to buy me out. We had the go ahead from The Mortgage Lender to replace my name with hers. The transfer of equity has to be done by a conveyancer for The Mortgage Lender (supposedly). In order to save fees can I do the Land Registry change?
- My decree absolute has gone through as is the consent order. Now I have to sort out the transfer of equity on title deeds and the The Mortgage Lender mortgage. I have contacted The Mortgage Lender for the transfer of equity forms. What happens next?
- I plan to remortgage my maisonette in Friern Barnet
changing from Chelsea BS to The Mortgage Lender. The maisonette is currently in joint names but propose for it to be in my name only as and when I switch. My wife is OK with this and is willing to sign a form but neither of us want to get a second conveyancing solicitor involved.
- Me and a friend got a joint mortgage with The Mortgage Lender on a property in 2013. I am now looking to get a house by myself and my friend would like to buy me out. On the basis that we can settle on an amount where do we go? Is there likely to be any issue with The Mortgage Lender with him being responsible for the total mortgage as opposed to only half of it?
- How and when do I incur stamp duty payable for the transfer of equity in my home in my sole name which is taking place simultaneously with a switching mortgage via The Mortgage Lender?
Questions that your conveyancing solicitor is likely to 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 whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Please give the details of anyone to be removed from the property title?
Please provide the details of anyone to be added to the title deeds?
Is it the case that one of the registered owners passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
Have you approached The Mortgage Lender to seek consent to the Transfer of Equity
Important warnings to consider in supporting the above The Mortgage Lender transfer of equity Advice :
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 titles
Should the tenure of your property be leasehold, 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 conditions are not strictly observed you may be in breach of the lease. This could trigger 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 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 conveyancing solicitor 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 valuation of the property at the conclusion 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 lawyer 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 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.