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Market Harborough Building Society

Recently asked questions relating to Market Harborough Building Society transfer of equity

  • I already have a mortgage with Market Harborough Building Society and am maintaining my current mortgaging but wish to have it in my name alone so my ex will no longer be on the mortgage. How long can it take for the application to be processed?
  • Will I have to pay any charges for a Transfer of Equity where the existing home loan is with Market Harborough Building Society?
  • Market Harborough Building Society yesterday agreed I can take over the mortgage on my home. I have applied for a transfer of equity but is this a transfer of ownership of the house on top?
  • Have recently split up with my wife of 18 years. I'm now back with my parents again and she wishes to remain in the property and pay me off. What portion am I entitled to. Is it half of the equity after paying off the mortgage with Market Harborough Building Society? I assume proper valuations are necessary but I really need ensure that I'm getting the best deal
  • What should I be budgeting for when it comes to what legal charges are for a transfer of equity? I'm in the process of remortgaging - new loan with Market Harborough Building Society - and have been quoted £350 plus VAT by Market Harborough Building Society's appointed lawyer, Is this is a good price or not?
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Market Harborough Building Society mortgage account?
  • My partner and I co-own a flat in Romsey . Home loan is with Market Harborough Building Society. I wish to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Is this likely to be easy to so?

Questions that your conveyancer could ask regarding your Market Harborough Building Society Transfer of Equity

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Is it the case that one of the registered owners passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

If you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Who will be responsible for the costs of the Transfer of Equity?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Information to consider in in addition to the above Market Harborough Building Society transfer of equity Info :

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 Market Harborough Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in violation 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 as a result of 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 Market Harborough Building Society 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 Market Harborough Building Society 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 valuation of the property at the conclusion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Market Harborough Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Market Harborough Building Society 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 Market Harborough Building Society 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.


Frequently asked questions relating to Market Harborough Building Society transfer of equity