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The Mortgage Works

Sample questions relating to The Mortgage Works transfer of equity

  • I am in the process of removing a name from a joint mortgage and the The Mortgage Works need me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Friern Barnet conveyancing solicitor to deal with the transfer of equity? They need to be on the The Mortgage Works conveyancing panel.
  • I purchased a property with my brother six years ago Since buying the property, we have both got married. We are now looking to do a transfer of equity so my name is removed the The Mortgage Works mortgage. There is a significant difference between the value the The Mortgage Works say and what the property would sell for currently. Can you offer any advice?
  • What if my application doesn't meet The Mortgage Works lending criteria for a transfer of equity?
  • Me and my former husband and I are searching for a value for money conveyancing solicitor to assist in a transfer of equity and remortgage with The Mortgage Works. I I am concerned about being overcharged but with various conveyancing practices who do transfer of equity conveyancing out there...who do I opt for?
  • My The Mortgage Works mortgage we jointly entered into with ex, he is agreeable to be removed and let me have the property. The Mortgage Works have consented to the transfer of equity to me solely. Will The Mortgage Works write my employer to confirm my salary?
  • When it comes to transfer of equity conveyancing involving refinance with The Mortgage Works should I be paying VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • What should I be budgeting for when it comes to what legal fees are for a transfer of equity? I'm in the process of remortgaging - moving over to The Mortgage Works - and have been quoted £250 including VAT by The Mortgage Works's appointed conveyancing solicitor, Have I been over quoted?

Examples of information requested in a conveyancer questionnaire concerning a The Mortgage Works Transfer of Equity

Please inform us where you are making any payment for the Transfer of Equity and to whom and specify the amount?

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

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

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Who will be responsible for the costs of the Transfer of Equity?

Has one of the registered owners passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Information to consider in conjunction with the above The Mortgage Works transfer of equity Questions and Answers :

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 Works conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, provisions in 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 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 Works 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 Works 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 valuation of the property at the conclusion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with The Mortgage Works.

Preparing the Transfer of Equity with a The Mortgage Works 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 Works 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 contained within 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 Works transfer of equity