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Zephyr Mortgages

Examples of recent questions relating to Zephyr Mortgages transfer of equity

  • Is there such a thing a transfer of equity stamp duty calculator?
  • I am hoping to remortgage my flat in Sedgefield switching from Godiva Mortgages to Zephyr Mortgages. The flat is jointly owned but wish for it to be in my name only when I remortgage. My wife is OK with this and is willing to sign a form but neither of us want to get a second lawyer involved.
  • I got divorced in 2012. I simply never got around to change the ownership from both our names to just in my name. I am ready to do that and so is she. Transfer-of-equity is needed. Zephyr Mortgages is willing to transfer the property and loan in my name (affordability checks done). Does she need a lawyer?
  • My divorce is through as is the consent order. Now I must deal with the transfer of equity at the land registry and the Zephyr Mortgages home loan. I have called Zephyr Mortgages for the transfer of equity forms. What happens next?
  • I jointly own a flat in Littleborough , with a Zephyr Mortgages loan with my ex husband. Him and his fiance are going to buy me out. We had approval from Zephyr Mortgages to substitute my name with hers. The transfer of equity has to be completed by a conveyancer for Zephyr Mortgages (apparently). In order to save fees can I do the Land Registry formalities?
  • Zephyr Mortgages have just agreed I can take over the home loan on my home. I had applied for a transfer of equity but is this a transfer of ownership of the house in addition?
  • I am completing a Zephyr Mortgages transfer of equity application and have come to the section concerning defaults etc. I do some debts that I have been clearing for a number of years, I understand that they no longer remain my credit rating. Do I need to reveal these?

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

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

Has one of the registered proprietors died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

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

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

Can you give the details of anyone who jointly owns the property with you?

Important warnings to consider in conjunction with the above Zephyr Mortgages transfer of equity Advice :

Tax and Legal

There may be various 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 have a license to do so from the freeholder. If such conditions are not strictly observed you may be in breach of your covenants under 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 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 market value of the property at the time of completion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Zephyr Mortgages.

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 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