Examples of recent questions relating to The Mortgage Business transfer of equity

• Have recently separated from my ex of 18 years. I'm now back with my parents again and she wishes to remain in the apartment and pay me off. What portion am I entitled to. Is it half of the equity after paying off the mortgage with The Mortgage Business? I assume proper valuations are required but I really need to be confident that I'm getting I am not being walked over
• Is it possible to transfer the equity held in my property with my The Mortgage Business mortgage?
• My friend and I got a joint mortgage with The Mortgage Business on a house about a year ago. I am now thinking of buying a house by myself and my friend would like to buy me out. Assuming we can agree an amount what are the next steps? Is there likely to be any problem with The Mortgage Business with him being responsible for the total mortgage rather than only part of it?
• I am in the market for a quality conveyancing solicitor to assist in a transfer of equity and remortgage with The Mortgage Business. I am aware of the chance of getting ripped off but with lots of conveyancing organisations who do transfer of equity conveyancing out there...who's the best?
• When it comes to transfer of equity conveyancing involving refinance with The Mortgage Business should I be charged value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• What should I be budgeting for when it comes to what solicitors costs are for a transfer of equity? I need to transfer equity and refinance - moving over to The Mortgage Business - and have been quoted £250 including VAT by The Mortgage Business's appointed conveyancing solicitor, Have I been over quoted?
• Online research suggests that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I am transferring equity and simultaneously remortgaging with The Mortgage Business

Sample of information requested in a conveyancer form concerning a The Mortgage Business Transfer of Equity

General Advice to read in conjunction with the above The Mortgage Business 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 The Mortgage Business conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not strictly observed you may be in violation of 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 conveyancer will check with The Mortgage Business 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 The Mortgage Business 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 the time of completion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a The Mortgage Business 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 The Mortgage Business 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.