Frequently asked questions relating to The Mortgage Lender transfer of equity
- I plan to refinance my flat in Winchelsea
switching from Nationwide to The Mortgage Lender. The flat is currently in joint names but I would like it to be in my sole name once I switch. My husband is OK with this and is willing to transfer equity but neither of us want to get a second conveyancer involved.
- The mortgage broker has suggested using their conveyancer for the Transfer of Equity plus remortgage with The Mortgage Lender - Is it not simpler advisable to just use them?
- I own a house in Romsey
, with a The Mortgage Lender mortgage with my ex husband. He and his fiance are going to acquire my share. We had the go ahead from The Mortgage Lender to substitute my name with hers. The transfer of equity has to be completed by a conveyancing solicitor for The Mortgage Lender (supposedly). Is it possible for us to deal with the Land Registry change?
- Been looking at online forums that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I am transferring equity and at the same time refinancing with The Mortgage Lender
- I am thinking of mortgaging my apartment in Dunnington
does my lawyer need to be on the The Mortgage Lender Conveyancing panel. The conveyancing also involves a transfer of equity.
- After three years estranged I have decided to relinquish up my interest in our flat to my husband who is refinancing with The Mortgage Lender. Can a transfer of equity be done inside four weeks?
- My ex are planning to get a conveyancer in place for a new mortgage with The Mortgage Lender. Transfer of Equity conveyancing is also neededI have used the different rating based services and the results are from all over the country. How necessary is it to have a lawyer local to us?
Examples of questions in a lawyer form relating to The Mortgage Lender Transfer of Equity
Is it the case that one of the registered owners died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..
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 the transfer of equity subject to a court order? If yes please supply a copy
Who will be responsible for the costs of the Transfer of Equity?
Please provide a copy of your National Insurance Number?
Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what sums
Caveats to be read in supplemental 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 titles
Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach of the lease. This could trigger 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 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 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 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.