Market Harborough Building Society transfer of equity example support desk enquires
- As things stand I have a joint Market Harborough Building Society mortgage with my step-brother and am investigating the possibility of him taking on the outstanding mortgage and removing myself from it, to enable me to buy a place with my fiance. The outstanding mortgage is about 200k, and the property value is approx 600k. Is this a transfer of equity? Is stamp duty due?
- My decree absolute has gone through as is the consent order. Now I have to deal with the transfer of equity on title deeds and the Market Harborough Building Society mortgage. I have asked Market Harborough Building Society for the transfer of equity forms. What are my next steps?
- 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 agreed?
- My ex-wife and I are searching for a value for money conveyancing solicitor to assist in a transfer of equity and remortgage with Market Harborough Building Society. I I am concerned about appointing the wrong one and there's various conveyancing practices who do transfer of equity conveyancing out there...how do I know which one is best appoint?
- Having been three years apart I have decided to give up my interest in the former home to my husband who is re-mortgaging with Market Harborough Building Society. Could this transfer of equity be done in four weeks?
- My former wife are seeking to get a conveyancing solicitor lined up for a remortgage with Market Harborough Building Society. Transfer of Equity conveyancing is also neededI have used the different rating based websites and the results are from all over UK. How necessary is it to instruct a conveyancer local to us?
- Online research suggests that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I am transferring equity and at the same time refinancing with Market Harborough Building Society
Questions that your lawyer is likely to ask regarding your Market Harborough Building Society Transfer of Equity
Please provide the details of anyone to be added to the title deeds?
Who will be responsible for the costs of the Transfer of Equity?
Please give the name(s) and addresse(s) of anyone to be removed from the title deeds?
Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what figure
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
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?
Important warnings to consider in conjunction with 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
If your property is leasehold, 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 complied with you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
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 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 market value of the property at the time of completion 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 lawyer 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.
Information contained within 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.