Sample questions relating to The Mortgage Lender transfer of equity
- Given that we have been three years separated I have opted to relinquish up my share of the flat to my husband who is re-mortgaging with The Mortgage Lender. Can a transfer of equity be done in 28 days?
- I am in the process of refinancing my flat in Crabtree
does my lawyer need to be on the The Mortgage Lender Solicitor panel. The conveyancing also involves a transfer of equity.
- I co-own a apartment in Littleborough
, with a The Mortgage Lender mortgage with my ex partner. Him and his fiance are going to acquire my share. We had the go ahead from The Mortgage Lender to remove 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 formalities?
- My former wife are planning to get a conveyancing solicitor lined up for a remortgage with The Mortgage Lender. Transfer of Equity conveyancing is also necessaryI have used the different rating based websites and the results are from all over UK. How necessary is it to have a lawyer local to us?
- My dad passed away last May leaving a mortgage-free semi to me and my brother in equal shared. Having continues to reside at the house, there was a clause in the will specifying that the premisescould not be sold for 24 months after her death so he could continue to live there for a prescribed period. He now wishes to remain in the property beyond the prescribed period. We have considered a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the usual way to purchase my equity?
- I recently purchased a apartment without my fiance’s name on the title documents. My lawyer advised it is due to the fact that she is not in the loan offer with The Mortgage Lender. I'm wondering is there any way that I can add her name on the title?
- Our financial adviser has suggested using their lawyer for the Transfer of Equity plus remortgage with The Mortgage Lender - Is it not simpler easier to just use them?
Sample of information requested in a conveyancing solicitor questionnaire concerning a The Mortgage Lender Transfer of Equity
Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?
Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Who will be responsible for the costs 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 provide details of the amount?
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 what amounts
Important warnings to consider in further 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 properties
If your property is leasehold, provisions in 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 violation 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 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 is dependent on the valuation of the property at the time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with The Mortgage Lender.
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 lawyer 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.