Sample questions relating to Landmark transfer of equity

• What should I be budgeting for when it comes to what conveyancing charges are for a transfer of equity? I'm in the process of remortgaging - moving over to Landmark - and have been quoted £350 excluding VAT by Landmark's approved lawyer, Have I been over quoted?
• My brother and I got a joint mortgage with Landmark on a house in 2013. I am now looking to get a property on my own and my friend would like to buy me out. Once we have agreed an amount what are the next steps? Is there likely to be any issue with Landmark with him being on the hook for the total mortgage as opposed to only part of it?
• My financial adviser has recommended their conveyancing solicitor for the Transfer of Equity plus remortgage with Landmark - Is it not simpler better to just use them?
• My fiance and I equally own a BTL. I am a top rate tax payer. Ideally I would like to complete a transfer of equity into her name to reduce our tax on the letting income. Assuming Landmark are fine with this the legal fees are inexpensive. What are the implications when we sell? As I would no longer be on the deeds am I giving up my CGT relief.
• I am searching for an affordable conveyancing lawyer to help me sell in a transfer of equity and refinance with Landmark. I I am concerned about being overcharged and there's many conveyancing practices who do transfer of equity conveyancing out there...how do I know which to appoint?
• In 2012 I bought a apartment without my partner's name on the ownership paperwork. My conveyancer advised it is because she was not in the loan offer with Landmark. I'm wondering is there any way that I can put her name on the title?
• I am thinking of refinancing my house in Winchelsea does my lawyer have to be on the Landmark Conveyancing panel. The conveyancing also involves a transfer of equity.

Examples of questions in a lawyer form relating to Landmark Transfer of Equity

Caveats to be read in supplemental the above Landmark 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 Landmark conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and 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 conveyancing solicitor will check with Landmark 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 Landmark 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.

Preparing the Transfer of Equity with a Landmark Mortgage

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

If Landmark 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.