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The Mortgage Works

Examples of recent questions relating to The Mortgage Works transfer of equity

  • What should I be budgeting for when it comes to what conveyancing charges are for a transfer of equity? I need to transfer equity and remortgage - moving over to The Mortgage Works - and have been quoted Four Hundred pounds including VAT by The Mortgage Works's appointed lawyer, Have I been over quoted?
  • My fiance and I equally own a buy to let. I am a top rate tax payer. Ideally I wish to complete a transfer of equity into her name in order mitigate tax on the letting income. Assuming The Mortgage Works are content with this the legal fees are not prohibitive. What are the implications when we sell? As I would no longer be on the deeds am I giving up my CGT relief.
  • Me and my former wife and I are are looking to find a trustworthy conveyancing lawyer to assist in a transfer of equity and refinance with The Mortgage Works. I am aware of the dangers of getting ripped off but with plenty conveyancing practices who do transfer of equity conveyancing out there...who do I opt for?
  • My divorce is through as is the consent order. Now I need to sort out the transfer of equity for the property and the The Mortgage Works mortgage. I have called The Mortgage Works for the transfer of equity forms. What happens next?
  • I intend to remortgage my home in Sedgefield moving from Nationwide to The Mortgage Works. The flat is currently in joint names but intend for it to be in my name only as and when I remortgage. My wife has verbally consented to this and is happy to transfer equity but neither of us want to get a second conveyancing solicitor involved.
  • Law month I split up with my ex of thirty years. I'm now back with my mum and dad and she wants to remain in the property and buy me out. What percentage do I get. Is it 50% of the equity after discharging the mortgage with The Mortgage Works? I assume proper valuations are necessary but I really need ensure that I'm getting I am not being walked over
  • Is it possible to apply to request a further advance from The Mortgage Works as part of a Transfer of Equity?

Questions that your conveyancing solicitor could ask in relation to your The Mortgage Works Transfer of Equity

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

Would you like us to draw up a Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

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

If you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Is it the case that 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.

Important warnings to consider in supporting the above The Mortgage Works transfer of equity Advice :

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

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. 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 lawyer 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 is dependent on the market value of the property at the conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with The Mortgage Works your property may be repossessed.

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