Sample questions relating to Zephyr Mortgages transfer of equity

• I recently bought a house without my fiance’s name on the title. My conveyancer advised it is because she was not in the mortgage with Zephyr Mortgages. I'm wondering is there any way that I can put her name on the title?
• I own a flat in Blaenavon , with a Zephyr Mortgages loan with my former husband. Him and his fiance are going to acquire my share. We had approval from Zephyr Mortgages to remove my name with hers. The transfer of equity needs to be done by a conveyancing solicitor for Zephyr Mortgages (supposedly). Can we do the Land Registry change?
• As things stand I have a joint Zephyr Mortgages mortgage with my step-brother and am looking into the feasibility of him taking on the outstanding mortgage and extracting myself from it, so as to enable me to buy a place with my fiance. The remaining mortgage is approx 250k, and the property value is in the region 600k. Is this a transfer of equity? Is stamp duty involved?
• I already have a mortgage with Zephyr Mortgages and am retaining my current mortgaging but seeking to have have the equity transferred to my name only so my former partner will no longer be on the title. How long do Zephyr Mortgages take to process the application?
• My divorce has gone through as is the consent order. Now I need to address the transfer of equity on title deeds and the Zephyr Mortgages mortgage. I have called Zephyr Mortgages for the transfer of equity forms. What do I do now?
• After three years apart I have opted to transfer my share of our house to my husband who is refinancing with Zephyr Mortgages. Can a transfer of equity be done in less than four weeks?
• Zephyr Mortgages have just agreed I can take over the mortgage on the house. I have applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds in addition?

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

General Advice to read in supporting the above Zephyr Mortgages transfer of equity information :

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 properties

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such terms are not adhered to 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 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 conveyancing solicitor 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 valuation of the property at the time of completion of the transfer of equity transaction.

Preparing the Transfer of Equity with a Zephyr Mortgages 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 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.

Information contained within 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.