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Market Harborough Building Society

Common questions relating to Market Harborough Building Society transfer of equity

  • My -ex-husband and I are in the market for a value for money conveyancing solicitor to help me sell in a transfer of equity and refinance with Market Harborough Building Society. I I am concerned about appointing the wrong one but with various conveyancing firms who do transfer of equity conveyancing to choose from...how do I know which one to select?
  • I currently have a joint Market Harborough Building Society mortgage with my step-brother and am looking into the possibility of him assuming responsibility for the outstanding mortgage and removing myself from it, to enable me to purchase a property with my fiance. The outstanding mortgage is about 300k, and the property value is about 600k. Is this a transfer of equity? Is stamp duty involved?
  • I intend to remortgage my home in Friern Barnet changing from Yorkshire Building Society to Market Harborough Building Society. The home is jointly owned but I would like it to be in my name only when I remortgage. My former partner is OK with this and is willing to transfer equity but neither of us want to get a second lawyer involved.
  • Can you tell me how to have someone removed from the deeds to a property where the mortgage is with Market Harborough Building Society
  • I got my Decree Absolute in 2011. For some reason I never got around to transfer ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. Market Harborough Building Society is willing to transfer the property and loan in my name (financial checks done). Does my ex need a conveyancer?
  • I own a flat in Friern Barnet , with a Market Harborough Building Society mortgage with my former husband. He and his new partner are going to buy me out. We had approval from Market Harborough Building Society to remove my name with hers. The transfer of equity needs to be done by a conveyancer for Market Harborough Building Society (apparently). Can we do the Land Registry formalities?
  • I am planning on removing a name from a joint mortgage and the Market Harborough Building Society need me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Friern Barnet conveyancing solicitor to deal with the transfer of equity? They need to be on the Market Harborough Building Society conveyancing panel.

Questions that your conveyancing solicitor is likely to ask regarding your Market Harborough Building Society Transfer of Equity

Please list all persons who occupy the property, their respective ages and relationships to you.

Have you approached Market Harborough Building Society to seek consent to the Transfer of Equity

Please provide the details of anyone to be extracted from the title deeds?

Where you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Please let us know where you are providing any payment for the Transfer of Equity and to whom and disclose any such sums?

Information to consider in further to the above Market Harborough Building Society transfer of equity Advice :

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 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, the lease may require that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in breach of 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 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 varies based on the market value of the property at finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Market Harborough Building Society.

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 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.


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