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Are you in need of a Transfer of Equity with a The Mortgage Works mortgage? Failing to check that a lawyer is on the The Mortgage Works 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.

Sample questions relating to The Mortgage Works transfer of equity

  • Can you tell me how to have a person removed from the deeds to a property where the home loan is with The Mortgage Works
  • I am am in need of a conveyancing solicitor to deal with my transfer of equity. The Mortgage Works have been approached for a remortgage. I considered asking my financial adviser. I understand he may get a referral fee for recommending someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic misguided?
  • Is it possible to apply to borrow a further advance from The Mortgage Works as part of a Transfer of Equity?
  • Having been four years separated I have made the decision to relinquish up my interest in the property to my husband who is refinancing with The Mortgage Works. Can a transfer of equity be done inside four weeks?
  • My mother died seven months ago leaving a mortgage-free semi to me and my half brother in equal shared. Having continues to reside at the premises, there was a provision in her will specifying that the housecould not be sold for three years after her passing so he could continue to live there for a prescribed period. He now wishes to remain in the property beyond the prescribed period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the conventional way to acquire my equity?
  • My existing mortgage is with The Mortgage Works. Can I transfer equity to someone who is not yet eighteen years old?
  • Is there such a thing a transfer of equity stamp duty calculator?

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

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

Have you approached The Mortgage Works to obtain consent to the Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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

Please provide a copy of your National Insurance Number?

Please give the name(s) and addresse(s) of anyone to be removed from the property title?

Important warnings to consider in conjunction with the above The Mortgage Works 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 Works conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed you may be in violation of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to 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 is dependent on the market value of the property at the conclusion of the transfer of equity conveyancing.
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 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 conveyancing solicitor 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