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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.

Common questions relating to The Mortgage Lender transfer of equity

  • I intend to refinance my maisonette in Miles Platting switching from Halifax to The Mortgage Lender. The flat is jointly owned but intend for it to be in my name only once I transfer. My husband is OK with this and is willing to sign a form but neither of us want to get a second conveyancer involved.
  • I understand we would need at least AP1 and TR1. Is this true?
  • I am in the process of removing a name from a joint mortgage and the The Mortgage Lender require me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Wakefield conveyancing solicitor to deal with the transfer of equity? They need to be on the The Mortgage Lender conveyancing panel.
  • What is the process for having someone removed from the deeds to a property where the mortgage is with The Mortgage Lender
  • Me and a friend got a joint mortgage with The Mortgage Lender on a flat in 2013. I am now looking to get a house by myself and my friend would like to buy me out. Assuming we can agree an amount where do we go? Would there be any potential concerns with The Mortgage Lender with him being solely liable for the total mortgage as opposed to only half of it?
  • Is it possible to apply to request a further advance from The Mortgage Lender as part of a Transfer of Equity?
  • Will I have to pay any fees for a Transfer of Equity where the current home loan is with The Mortgage Lender?

Examples of questions in a conveyancer form relating to The Mortgage Lender 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?

Will there 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 figure

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

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the 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?

Can you provide the details of those who jointly own the property with you?

Caveats to be read in conjunction with 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 premises

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger 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 conveyancer 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 finalisation 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.


Frequently asked questions relating to The Mortgage Lender transfer of equity