Sample questions relating to The Mortgage Works transfer of equity

• I already have a mortgage with The Mortgage Works and am keeping my current mortgaging but wish to have it in my sole name so my former partner won't be on it any longer. How long can it take for the forms to be processed?
• Can you tell me how to have someone removed off the title documents to a house where the home loan is with The Mortgage Works
• I co-own a apartment in Ampthill , with a The Mortgage Works loan with my ex husband. Him and his new partner are going to buy me out. We had approval from The Mortgage Works to replace my name with hers. The transfer of equity needs to be done by a conveyancer for The Mortgage Works (apparently). In order to save fees can I deal with the Land Registry change?
• I got my Decree Absolute in 2010. I simply never got around to transfer ownership from both our names to my sole name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. The Mortgage Works is willing to transfer the full equity in my name (financial checks done). Does she need a lawyer?
• I am transferring my equity in flat in Birmingham to my co-owners husband, they are sticking with The Mortgage Works as the the existing mortgage company. We are in heated discussion as to who must cover the fees for the transfer of equity. Is this normally shared or is one party obliged to cover the charges for?
• What do I do if I am not happy with the conveyancer who undertook my transfer of equity transaction?
• What should I be budgeting for when it comes to what solicitors charges are for a transfer of equity? I need to transfer equity and refinance - new loan with The Mortgage Works - and have been quoted £250 plus VAT by The Mortgage Works's appointed conveyancing solicitor, Have I been over quoted?

Sample of questions in a lawyer form concerning a The Mortgage Works Transfer of Equity

General Advice to read in further to the above The Mortgage Works transfer of equity Info :

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 Works conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation of the lease. This could potentially result in 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 cases, 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 The Mortgage Works 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 Works 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 conclusion of the transfer of equity conveyancing.

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