Recently asked questions relating to JPMorgan transfer of equity

• I own a flat in Dunnington , with a JPMorgan loan with my former husband. He and his fiance are going to buy me out. We had consent from JPMorgan to remove my name with hers. The transfer of equity has to be done by a conveyancer for JPMorgan (apparently). In order to save fees can I do the Land Registry change?
• What are the average conveyancing costs are for a transfer of equity? I need to transfer equity and remortgage - moving over to JPMorgan - and have been quoted Four Hundred pounds excluding VAT by JPMorgan's appointed conveyancing solicitor, Is this a reasonable price?
• My fiance and I jointly own a investment property. I am a top rate tax payer. Preferably I would like to complete a transfer of equity into her name to mitigate tax on the letting income. If JPMorgan are fine with this the legal fees are inexpensive. What are the implications when we dispose of the property? As I would no longer be on the title documents would I lose my CGT relief.
• My current mortgage is with JPMorgan. Can I transfer equity to someone less than 18 years old?
• I already have a home loan with JPMorgan and am keeping my current mortgaging but seeking to have have the equity transferred to my sole name so my former wife won't be on it any longer. How long can it take for the paperwork to be processed?
• Can you tell me how to have a person removed off the deeds to a house if the home loan is with JPMorgan
• Will I have to pay any fees for a Transfer of Equity where the current home loan is with JPMorgan?

Information that may be required from your lawyer could ask in relation to your JPMorgan Transfer of Equity

General Advice to read in in addition to the above JPMorgan 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 JPMorgan conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation 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 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 JPMorgan 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 JPMorgan 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 finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a JPMorgan 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 JPMorgan 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 provided 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.