Kensington Mortgage transfer of equity: q and a’s

• I got divorced two years ago. For some reason I never got around to change the ownership from the current 'joint' status to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Kensington Mortgage is willing to transfer the full equity in my name (financial checks done). Does she need a solicitor?
• I already have a mortgage with Kensington Mortgage and am keeping my current mortgaging but wish to have have the equity transferred to my name only so my ex will no longer be on the title. How long does the whole transfer of equity process take?
• I recently bought a house without my partner's name on the title. My lawyer said it is due to the fact that she is not in the mortgage with Kensington Mortgage. I'm wondering is there any way that I can put her name on the deeds?
• My partner and I jointly own a property in Sedgefield . Mortgage is with Kensington Mortgage. I wish to transfer full ownership to him with no exchange of money but without using a lawyer. Is this likely to be easy to so?
• Law month I separated from my partner of 18 years. I'm now living with my mum and dad and she wants to remain in the apartment and pay me off. What percentage am I entitled to. Is it half of the equity after discharging the mortgage with Kensington Mortgage? I assume proper valuations are required but I would like to be confident that I'm getting what I am entitled to
• I am in the market for a value for money conveyancing solicitor to assist in a transfer of equity and remortgage with Kensington Mortgage. I am aware of the possibility of getting ripped off and there are many conveyancing organisations who do transfer of equity conveyancing out there...how do I know which is best select?
• I currently have a joint Kensington Mortgage mortgage with my cousin and am looking into the possibility of him assuming responsibility for the whole mortgage and subtracting myself from it, to enable me to purchase a property with my soon-to-be-wife. The remaining mortgage is in the region 300k, and the property value is approx 500k. Is this a transfer of equity? Is stamp duty due?

Information that may be required from your lawyer is likely to ask about your Kensington Mortgage Transfer of Equity

General Advice to read in supplemental the above Kensington Mortgage 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 Kensington Mortgage conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is 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 breach of the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to 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 conveyancing solicitor will check with Kensington Mortgage 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 Kensington Mortgage 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 finalisation of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Kensington Mortgage 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 Kensington Mortgage 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 conveyancer 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.