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

  • I own a flat in Ampthill , with a The Mortgage Lender loan with my ex partner. He and his new partner are going to acquire my share. We had consent from The Mortgage Lender to replace my name with hers. The transfer of equity has to be completed by a conveyancer for The Mortgage Lender (apparently). Is it possible for us to do the Land Registry formalities?
  • What are the average legal fees are for a transfer of equity? I need to transfer equity and refinance - moving over to The Mortgage Lender - and have been quoted £250 plus VAT by The Mortgage Lender's appointed conveyancing solicitor, Is this a reasonable price?
  • I am planning on removing a name from a joint mortgage and the The Mortgage Lender require me to use a conveyancing solicitor to carry out the paperwork. Can you recommend a reasonably priced Sedgefield conveyancing solicitor to deal with the transfer of equity? They need to be on the The Mortgage Lender conveyancing panel.
  • I am looking for a conveyancing solicitor to handle my transfer of equity. The Mortgage Lender have been approached for a refinancing. I thought of asking my mortgage broker. I am lead to believe he may receive a referral fee for suggesting someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?
  • What are my options where I am dissatisfied with the conveyancing solicitor who undertook my transfer of equity transaction?
  • I am are seeking to find an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with The Mortgage Lender. I I am fearful of by bill escalating out of control and there's various conveyancing practices who do transfer of equity conveyancing out there...who's the best?
  • Law month I split up with my wife of 18 years. I'm now back with my parents again and she wants to stay in the apartment and pay me off. What percentage do I get. Is it half of the equity after discharging the mortgage with The Mortgage Lender? I assume proper valuations are necessary but I would like to be sure that I'm getting the best deal

Examples of information requested in a conveyancer form concerning a The Mortgage Lender Transfer of Equity

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

Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

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

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

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

Please provide the details of anyone to be extracted from the title deeds?

Important warnings to consider in further to 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 obtain the consent of the landlord. If such conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to 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 is dependent on the valuation of the property at finalisation 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