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Are you in need of a Transfer of Equity with a The Mortgage Lender Limited mortgage? Failing to check that a lawyer is on the The Mortgage Lender Limited list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Frequently asked questions relating to The Mortgage Lender transfer of equity

  • Am I best advised cancel my mortgage payments with The Mortgage Lender once a date for my remortgage and transfer of equity has been agreed?
  • My wife and myself have 50:50 shares in a buy to let. I am a higher rate tax payer. Ideally I wish to complete a transfer of equity to her sole name in order reduce our tax on rental income. Assuming The Mortgage Lender are content with this the legal fees are not high. However what happens when we sell? Would my GGT relief be lost.
  • My brother and I got a joint mortgage with The Mortgage Lender on a apartment about a year ago. I am now looking to get a apartment by myself and my friend would like to buy me out. Assuming we can agree a price where do we go? Is there likely to be any concerns with The Mortgage Lender with him being responsible for the total mortgage rather than only part of it?
  • What is the process for having a person removed from the deeds to a house where the home loan is with The Mortgage Lender
  • What do I do if I am not happy with the conveyancer who did my transfer of equity transaction?
  • Me and my former fiance and I are are looking to find an affordable conveyancing solicitor to help me sell in a transfer of equity and remortgage with The Mortgage Lender. I I am fearful of by bill escalating out of control but with lots of conveyancing firms who do transfer of equity conveyancing to choose from...who's the best?
  • My decree absolute is through as is the consent order. Now I must address the transfer of equity for the property and the The Mortgage Lender home loan. I have asked The Mortgage Lender for the transfer of equity forms. What are my next steps?

Questions that your conveyancing solicitor may 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

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

Can you give the name(s) and addresse(s) of anyone who jointly owns the property with you?

Would you like us to draw up a Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

Please give the details of anyone to be added to the property title?

Where you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Caveats to be read in supplemental 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 landlord. If such terms are not adhered to 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 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 is dependent on the market value 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 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.

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