Sample questions relating to Market Harborough Building Society transfer of equity
- My Market Harborough Building Society home loan is in joint names with ex, who has agreed to come off the deeds and put the house in my name alone. Market Harborough Building Society have consented to the transfer of equity to me solely. Do Market Harborough Building Society get in touch with my company to check my salary?
- My fiance and I equally own a BTL. I am a top rate tax payer. Ideally I would like to do a transfer of equity to her sole name with a view to mitigate tax on rental income. If Market Harborough Building Society are fine with this the legal fees are not high. What are the implications when we dispose of the property? As I would no longer be on the title documents would I lose my CGT relief.
- Do I need legal representation when doing a transfer of equity where the home loan is to remain with Market Harborough Building Society?
- My friend and I got a joint mortgage with Market Harborough Building Society on a property a couple of years ago. I am now thinking of purchasing a apartment by myself and my friend would like to buy me out. On the basis that we can settle on a figure what are the next steps? Would there be any potential issue with Market Harborough Building Society with him being responsible for the total loan as opposed to only half of it?
- I am looking for a lawyer to undertake my transfer of equity. Market Harborough Building Society have been approached for a refinancing. I thought of asking my mortgage broker. I am lead to believe he will likely receive a kickback for recommending someone, but also of benefit will be that he knows the lawyer, has dealt with them before. Is my logic correct?
- Will I have to pay any fees for a Transfer of Equity where the current mortgage is with Market Harborough Building Society?
- Is it sensible to cancel my mortgage payments with Market Harborough Building Society once a date for my remortgage and transfer of equity has been set?
Questions that your conveyancing solicitor could ask in relation to your Market Harborough Building Society Transfer of Equity
Has consent been obtained from Market Harborough Building Society to the proposed transfer of equity?
Please give the details of anyone to be added to the title deeds?
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?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Would you like us to draw up a Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?
Please give the details of anyone to be extracted from the title deeds?
Important warnings to consider in conjunction with 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 titles
Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
If the transfer of equity is made pursuant to 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 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 valuation of the property at finalisation of the transfer of equity conveyancing.
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.