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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

  • I acquired a property with my brother in 2009 Since then, we have both got married. We are now intending to do a transfer of equity so my name is removed the The Mortgage Works mortgage. There is a 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • Having been 3 years apart I have decided to transfer my share of the property to my husband who is refinancing with The Mortgage Works. Could this transfer of equity be completed inside 28 days?
  • My current mortgage is with The Mortgage Works. Can I transfer equity to someone less than 18 years old?
  • The mortgage broker has recommended their lawyer for my Transfer of Equity plus remortgage with The Mortgage Works - Is it not simpler better to just use them?
  • Is it sensible to cancel my mortgage payments with The Mortgage Works as soon as a date for my remortgage and transfer of equity has been agreed?
  • I plan to remortgage my maisonette in Romsey switching from Birmingham Midshires to The Mortgage Works. The flat is jointly owned but wish for it to be in my sole name as and when I switch. My husband is OK with this and is happy to transfer equity but neither of us want to get a second conveyancer involved.
  • My ex are seeking to get a conveyancer in place for a refinance with The Mortgage Works. Transfer of Equity conveyancing is also requiredI have used the different comparison based services and the results are from all over the country. Do we need to have a conveyancing solicitor local to us?

Examples of questions in a lawyer questionnaire relating to The Mortgage Works Transfer of Equity

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?

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

Where you are adding a person 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” Questionnaire.

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

Please inform us if you are making any payment for the Transfer of Equity and to whom and give details of any such sums?

Important warnings to consider in supporting 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 restrictions are not strictly observed 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 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 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 conveyancing solicitor 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 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