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Are you in need of a Transfer of Equity with a Test part 2 mortgage? Failing to check that a lawyer is on the Test part 2 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.

Examples of recent questions relating to test transfer of equity

  • I am considering refinancing my house in Miles Platting does my lawyer need to be on the test Conveyancing panel. The conveyancing also involves a transfer of equity.
  • My dad died early last year leaving a loan-free semi to me and my half brother in equal shared. Having continues to reside at the premises, there was a clause in the will specifying that the premisescould not be sold for 2 years after her passing so he could continue to live there for a prescribed period. He now says he would like to remain in the property beyond the specified period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the traditional way to purchase my half from me?
  • Will I have to pay any fees for a Transfer of Equity where the current home loan is with test?
  • I am disposing of my equity in apartment in Hendon to my co-owners fiance, they are reapplying to test. We are in heated discussion as to who should cover the charges for the transfer of equity. Is this normally shared or is one party obliged to cover the fees for?
  • My partner and I co-own a property in Rye . Mortgage is with test. I wish to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Is this likely to be straightforward?
  • I got divorced two years ago. For some reason I never got around to change the ownership from the current 'joint' status to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. test is willing to transfer the full equity in my name (financial checks done). Does she need a lawyer?
  • I already have a mortgage with test and am retaining my current mortgaging but applying to have it in my sole name so my ex won't be on it any longer. How long does the whole transfer of equity process take?

Questions that your conveyancer may ask about your test Transfer of Equity

Who will be responsible for the costs of 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?

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

Please provide a copy of your National Insurance Number?

Would you like us to draft you Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?

Has consent been obtained from test to the proposed transfer of equity?

Important warnings to consider in in addition to the above test 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 test conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, 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 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 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 test 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 test 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 conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with test.

Preparing the Transfer of Equity with a test 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 test 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.

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 test transfer of equity