Examples of recent questions relating to The Mortgage Lender transfer of equity
- Law week I split up with my ex of 18 years. I'm now living with my parents again and she wants to remain in the flat and pay me off. What portion do I get. Is it half of the equity after paying off the mortgage with The Mortgage Lender? I assume proper valuations are necessary but I really need to be confident that I'm getting the best deal
- My ex-fiance and I are are seeking to find an affordable conveyancing lawyer to assist in a transfer of equity and refinance with The Mortgage Lender. I really don't want to get ripped off and there's various conveyancing organisations who do transfer of equity conveyancing out there...who's the best?
- Been reviewing online blogs that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I am transferring equity and at the same time switching mortgage with The Mortgage Lender
- My mortgage broker has recommended their conveyancer for the Transfer of Equity plus remortgage with The Mortgage Lender - Is it not simpler advisable to just instruct them?
- I am in the process of removing a name from a joint mortgage and the The Mortgage Lender require me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Littleborough
conveyancing solicitor to deal with the transfer of equity? They need to be on the The Mortgage Lender conveyancing panel.
- I plan to remortgage my home in Romsey
moving from RBS to The Mortgage Lender. The apartment is jointly owned but wish for it to be in my sole name when I switch. My husband is OK with this and is happy to transfer equity but neither of us want to get a second conveyancer involved.
- I own a apartment in Crabtree
, with a The Mortgage Lender loan with my former husband. Him and his new partner are going to buy me out. We had approval from The Mortgage Lender to replace my name with hers. The transfer of equity needs to be done by a conveyancing solicitor for The Mortgage Lender (apparently). Can we deal with the Land Registry change?
Information that may be required from your conveyancer is likely to ask regarding your The Mortgage Lender Transfer of Equity
Has one of the registered proprietors passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
Is there to be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same
Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Please give the name(s) and addresse(s) of anyone to be added to the property title?
Please give the details of anyone who jointly owns the premises with you?
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?
Important warnings to consider in conjunction with the above The Mortgage Lender transfer of equity information :
Tax and Legal
There are numerous potential 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 require that you have a license to do so from the freeholder. If such conditions are not strictly observed you may be in breach of the lease. This could potentially result in 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 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 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.
Information provided 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.
