LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
The Mortgage Works

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

  • How much the typical 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 £350 excluding VAT by The Mortgage Works's approved lawyer, Have I been over quoted?
  • Me and my former wife and I are searching for an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with The Mortgage Works. I want to avoid being ripped off but with so many conveyancing organisations who do transfer of equity conveyancing out there...who's the best?
  • The Mortgage Works have just agreed I can take over the mortgage on the house. I previously applied for a transfer of equity but presumably there is a transfer of ownership of the house in addition?
  • Online research suggests that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I need to be transferring equity and simultaneously switching mortgage with The Mortgage Works
  • I am in the process of refinancing my house in Ampthill does my lawyer need to be on the The Mortgage Works Conveyancing panel. The conveyancing also involves a transfer of equity.
  • I am hoping to remortgage my home in Rye changing from Halifax to The Mortgage Works. The apartment is currently in joint names but wish for it to be in my name only when I transfer. My former partner is OK with this and is willing to sign a form but neither of us want to get a second conveyancer involved.
  • How do I go about adding or subtracting names (transfer of equity) to or from my The Mortgage Works mortgage account?

Information that may be required from your lawyer could ask regarding your The Mortgage Works Transfer of Equity

Has one of the registered proprietors passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Please list all persons who occupy the property, their respective ages and relationships to you.

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

Important warnings to consider in further to the above The Mortgage Works transfer of equity Info :

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 restrictions are not strictly observed you may be in violation of the lease. This could potentially result in 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 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 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 valuation of the property at the time of completion 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.

Information provided 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