LenderPanel.com

Find a Law Firm approved by
The Mortgage Lender

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 am led to believe we would need at least AP1 and TR1. Is this true?
  • I intend to refinance my flat in Wakefield moving from Coventry BS to The Mortgage Lender. The maisonette is currently in joint names but wish for it to be in my name only once I transfer. My husband is OK with this and is happy to transfer equity but neither of us want to incur conveyancer charges.
  • I am in the market for a trustworthy conveyancing solicitor to assist in a transfer of equity and refinance with The Mortgage Lender. I I am fearful of appointing the wrong one and there's various conveyancing firms who do transfer of equity conveyancing out there...who do I opt for?
  • I am looking for a conveyancing solicitor to handle my transfer of equity. The Mortgage Lender are dealing with the remortgage. I thought of asking my mortgage broker. I understand he may get a kickback for suggesting a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic correct?
  • Is it sensible to stop my mortgage payments with The Mortgage Lender as soon as a date for my remortgage and transfer of equity has been set?
  • Will I have to pay any fees for a Transfer of Equity where the current mortgage is with The Mortgage Lender?
  • Have recently split up with my partner of 18 years. I'm now living with my mum and dad and she wants to stay in the apartment and pay me off. What percentage am I entitled to. Is it half of the equity after redeeming the mortgage with The Mortgage Lender? I assume proper valuations are necessary but I would like to be confident that I'm getting the best deal

Questions that your conveyancer is likely to ask in relation to your The Mortgage Lender Transfer of Equity

Please provide a copy of your National Insurance Number?

Where you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

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?

Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

Information to consider in supplemental 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, the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger 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 is dependent on the market value of the property at finalisation of the transfer of equity transaction.
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 conveyancing solicitor 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