LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Zephyr Mortgages

Questions and answers: Zephyr Mortgages transfer of equity

  • When it comes to transfer of equity conveyancing involving refinance with Zephyr Mortgages should I be charged VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • Last year purchased a apartment without my partner's name on the title. My lawyer claimed it is due to the fact that she was not in the mortgage with Zephyr Mortgages. I'm wondering is there any way that I can add her name on the deeds?
  • Will I incur any fees for a Transfer of Equity where the current home loan is with Zephyr Mortgages?
  • My former husband are planning to get a conveyancer in place for a new mortgage with Zephyr Mortgages. Transfer of Equity conveyancing is also neededI have used the different comparison based tools and the results are from all over UK. Do we need to have a lawyer local to us?
  • I am selling my share of a apartment in Birmingham to my co-owners fiance, they are reapplying to Zephyr Mortgages. We are in heated discussion as to who must cover the fees for the transfer of equity. Should this be shared or is one of us liable for the fees for?
  • Can you tell me how to have a person removed from the deeds to a house if the mortgage is with Zephyr Mortgages
  • My friend and I got a joint mortgage with Zephyr Mortgages on a house in 2013. I am now looking to get a house by myself and my friend would like to buy me out. On the basis that we can settle on a price what happens next? Would there be any potential issue with Zephyr Mortgages with him being solely liable for the total loan as opposed to only half of it?

Sample of information requested in a conveyancer form relating to Zephyr Mortgages Transfer of Equity

Please give the details of anyone to be extracted from the title deeds?

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

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” Questionnaire.

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

Have you approached Zephyr Mortgages to seek consent to the Transfer of Equity

Please provide a copy of your National Insurance Number?

General Advice to read in supplemental the above Zephyr Mortgages 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 Zephyr Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with 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 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 conveyancer will check with Zephyr Mortgages 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 Zephyr Mortgages 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 varies based 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 Zephyr Mortgages your property may be repossessed.

Preparing the Transfer of Equity with a Zephyr Mortgages Mortgage

When it comes to preparing the the Land Registry documents your lawyer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Zephyr Mortgages 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 should not be regarded as 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 Zephyr Mortgages transfer of equity