Molo Finance Buy to Let transfer of equity example support desk enquires

• I am are seeking to find an affordable conveyancing solicitor to help me sell in a transfer of equity and remortgage with Molo Finance Buy to Let. I am aware of the possibility of getting ripped off but with lots of conveyancing organisations who do transfer of equity conveyancing out there...who's the best?
• Taking into account that we have been 4 years apart I have made the decision to relinquish up my share of the house to my husband who is re-mortgaging with Molo Finance Buy to Let. Could this transfer of equity be done in less than 28 days?
• Will I incur any fees for a Transfer of Equity where the existing mortgage is with Molo Finance Buy to Let?
• My decree absolute has gone through as is the consent order. Now I need to deal with the transfer of equity at the land registry and the Molo Finance Buy to Let home loan. I have contacted Molo Finance Buy to Let for the transfer of equity application. What happens next?
• My financial adviser has suggested using their lawyer for our Transfer of Equity plus remortgage with Molo Finance Buy to Let - won’t it be advisable to just instruct them?
• Is it possible to transfer the equity held in my property with my Molo Finance Buy to Let mortgage?
• I bought a flat with my cousin in 2010 Since then, we have both got married. We are now seeking to do a transfer of equity so my name comes off the Molo Finance Buy to Let mortgage. There is a significant difference between the value the mortgage company say and what the property would sell for currently. Can you offer any advice?

Information that may be required from your lawyer could ask regarding your Molo Finance Buy to Let Transfer of Equity

General Advice to read in supplemental the above Molo Finance Buy to Let transfer of equity Questions and Answers :

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 Molo Finance Buy to Let 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 landlord. If such conditions are not strictly observed 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 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 conveyancer will check with Molo Finance Buy to Let 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 Molo Finance Buy to Let 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 conclusion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Molo Finance Buy to Let 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 Molo Finance Buy to Let 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.

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.