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Zephyr Mortgages

Examples of recent questions relating to Zephyr Mortgages transfer of equity

  • I jointly own a flat in Wakefield , with a Zephyr Mortgages mortgage with my former husband. Him and his new partner are going to acquire my share. We had consent from Zephyr Mortgages to replace my name with hers. The transfer of equity needs to be done by a lawyer for Zephyr Mortgages (apparently). Is it possible for us to do the Land Registry formalities?
  • I already have a home loan with Zephyr Mortgages and am retaining my existing mortgaging but wish to have have the equity transferred to my name only so my former wife will no longer be on the title. How long do Zephyr Mortgages take to deal with the application?
  • I currently have a joint Zephyr Mortgages mortgage with my brother and am investigating the option of him taking on the outstanding mortgage and subtracting myself from it, so as to enable me to buy a property with my partner. The remaining mortgage is approx 200k, and the property value is in the region 500k. Is this a transfer of equity? Is land tax due?
  • I got divorced three years ago. For some reason I never got around to transfer 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 needed. Zephyr Mortgages is willing to transfer the full equity in my name (affordability checks done). Does she need a conveyancer?
  • Will I incur any fees for a Transfer of Equity where the existing mortgage is with Zephyr Mortgages?
  • How much the typical conveyancing fees are for a transfer of equity? I need to transfer equity and remortgage - new loan with Zephyr Mortgages - and have been quoted Three Hundred pounds including VAT by Zephyr Mortgages's appointed lawyer, Is this is a good price or not?
  • In 2009 I bought a apartment without my fiance’s name on the ownership paperwork. My conveyancing solicitor claimed it is because she is not in the mortgage with Zephyr Mortgages. I'm wondering is there any way that I can add her name on the title?

Information that may be required from your lawyer may ask in relation to your Zephyr Mortgages Transfer of Equity

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

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

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)?

Please provide a copy of your National Insurance Number?

Please provide the details of anyone to be extracted from the property title?

Important warnings to consider in in addition to 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 titles

Should the tenure of your property be leasehold, 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 your covenants under 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 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 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 is dependent on the valuation of the property at the time of completion of the transfer of equity conveyancing.
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 conveyancing solicitor 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 Zephyr Mortgages transfer of equity