Market Harborough Building Society transfer of equity example support desk enquires
- I jointly own a flat in Miles Platting
, with a Market Harborough Building Society mortgage with my ex partner. He and his fiance are going to buy me out. We had the go ahead from Market Harborough Building Society to substitute my name with hers. The transfer of equity needs to be completed by a lawyer for Market Harborough Building Society (apparently). In order to save fees can I do the Land Registry formalities?
- What do I do if I am unhappy with the conveyancing solicitor who did our transfer of equity transaction?
- Last year purchased a apartment without my wife's name on the ownership paperwork. My conveyancing solicitor said it is because she was not in the mortgage with Market Harborough Building Society. Is it possible for me to add her name on the documents at HM Land Registry?
- After 5 years apart I have made the decision to relinquish up my share of the flat to my husband who is refinancing with Market Harborough Building Society. Can a transfer of equity be completed in less than four weeks?
- I am completing a Market Harborough Building Society transfer of equity application and have arrived at the questions concerning debts etc. There are some debts that I have been clearing for a number of years, I understand that they have long since disappeared from my credit score. Am I obliged to declare these?
- Am I best advised stop the direct debit for my mortgage with Market Harborough Building Society as soon as a date for my remortgage and transfer of equity has been agreed?
- My former wife are looking to get a conveyancer lined up for a refinance 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 the country. Do we need to instruct a lawyer local to us?
Examples of questions in a conveyancing solicitor form relating to Market Harborough Building Society Transfer of Equity
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?
Would you like us to prepare Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?
Is the transfer of equity subject to a court order? If yes please supply a copy
If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Please provide the details of anyone to be removed from the property title?
Has one of the registered owners died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
Caveats to be read in in addition 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 properties
Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in breach of your covenants under 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 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 lawyer 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 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 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.