Masthaven Bank transfer of equity: q and a’s

• What if my application doesn't meet Masthaven Bank lending criteria for a transfer of equity?
• I am searching for a value for money conveyancing solicitor to assist in a transfer of equity and remortgage with Masthaven Bank. I want to avoid being ripped off but with various conveyancing solicitors who do transfer of equity conveyancing to choose from...who's the best?
• I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
• At what point do I incur the Stamp Duty Land Tax chargeable for the transfer of equity in my property in my name alone which is happening simultaneously with a switching mortgage via Masthaven Bank?
• I acquired a flat with a friend six years ago Since then, we have both got married. We are now intending to do a transfer of equity so my name is removed the Masthaven Bank mortgage. There is a 30k difference between the value the Masthaven Bank say and what the property would sell for currently. Can you offer any advice?
• As things stand I have a joint Masthaven Bank mortgage with my cousin and am looking into the option of him taking on the outstanding mortgage and extracting myself from it, to enable me to buy a place with my fiance. The remaining mortgage is in the region 175k, and the property value is in the region 600k. Is this a transfer of equity? Is stamp duty due?
• My ex are planning to get a conveyancer lined up for a new mortgage with Masthaven Bank. Transfer of Equity conveyancing is also necessaryI have used the different rating based services and the results are from all over England and Wales. Is it important to instruct a conveyancing solicitor local to us?

Sample of information requested in a lawyer form concerning a Masthaven Bank Transfer of Equity

Information to consider in supplemental the above Masthaven Bank 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 Masthaven Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to 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 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 lawyer will check with Masthaven Bank 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 Masthaven Bank 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 conveyancing.

Preparing the Transfer of Equity with a Masthaven Bank 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 Masthaven Bank 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.

Information provided on this webpage is for general information and only applies to England and Wales. It should not be regarded as 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.