Top seven questions relating to Market Harborough Building Society transfer of equity
- What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Market Harborough Building Society?
- Is stamp duty payable when it comes to an transfer of equity with a mortgage with Market Harborough Building Society?
- My Market Harborough Building Society home loan is in joint names with ex, he is agreeable to be removed and put the house in my name alone. Market Harborough Building Society have consented to the transfer of equity to my individual name. Do Market Harborough Building Society get in touch with my employer to verify my salary?
- My -ex-husband and I are in the market for an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with Market Harborough Building Society. I am aware of the risk of getting ripped off but with lots of conveyancing practices who do transfer of equity conveyancing out there...how do I know which one to appoint?
- I am looking for a conveyancing solicitor to undertake my transfer of equity. Market Harborough Building Society are dealing with the remortgage. I considered asking my mortgage broker. I understand he will likely get a kickback for suggesting someone, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Is my logic correct?
- Law month I split up with my partner of 18 years. I'm now living with my parents again and she wishes to stay in the flat and buy me out. What percentage do I get. Is it 50% of the equity after redeeming the Market Harborough Building Society home loan? I assume proper valuations are necessary but I really need ensure that I'm getting the best deal
- I jointly own a apartment in Crabtree
, with a Market Harborough Building Society mortgage with my ex partner. Him and his new partner are going to buy me out. We had the go ahead from Market Harborough Building Society to remove my name with hers. The transfer of equity has to be done by a conveyancing solicitor for Market Harborough Building Society (apparently). Is it possible for us to do the Land Registry formalities?
Sample of questions in a conveyancer questionnaire relating to Market Harborough Building Society Transfer of Equity
Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what amounts
Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?
Has consent been obtained from Market Harborough Building Society to the proposed 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?
Please provide the name(s) and addresse(s) of anyone to be extracted from the title deeds?
Is it the case that one of the registered proprietors passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
General Advice to read in supplemental the above Market Harborough Building Society transfer of equity Questions and Answers :
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 properties
Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in 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 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 conveyancing solicitor 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.