Recently asked questions relating to The Mortgage Lender transfer of equity

• My partner and I co-own a property in Heathfield . Home loan is with The Mortgage Lender. I want to transfer full ownership to him with no payment of money but without using a conveyancer. Is this likely to be easy to so?
• Will I have to pay any charges for a Transfer of Equity where the current mortgage is with The Mortgage Lender?
• Is it possible to transfer the equity held in my property with my The Mortgage Lender home loan?
• Our mortgage broker has suggested using their lawyer for our Transfer of Equity plus remortgage with The Mortgage Lender - Is it not simpler easier to just use them?
• What if my application doesn't meet The Mortgage Lender lending criteria for a transfer of equity?
• My ex-wife and I are are seeking to find a dependable conveyancing lawyer to assist in a transfer of equity and remortgage with The Mortgage Lender. I really don't want to get ripped off and there are plenty conveyancing organisations who do transfer of equity conveyancing to pick from...who do I opt for?
• My divorce has gone through as is the consent order. Now I need to deal with the transfer of equity for the property and the The Mortgage Lender mortgage. I have contacted The Mortgage Lender for the transfer of equity application. What are my next steps?

Information that may be required from your lawyer is likely to ask about your The Mortgage Lender Transfer of Equity

General Advice to read in in addition to the above The Mortgage Lender transfer of equity Info :

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

If your property is 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 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 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 varies based on the market value of the property at the time of completion of the transfer of equity conveyancing.

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 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 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.