Examples of recent questions relating to Market Harborough Building Society transfer of equity

• I understand we would need at least AP1 and TR1. Is this true?
• I am selling my equity in house in Birmingham to my co-owners husband, they are reapplying to Market Harborough Building Society. We are haggling as to who must pay the fees for the transfer of equity. Is this usually shared or is one of us liable for the charges for?
• My former wife are planning to get a conveyancer in place for a remortgage with Market Harborough Building Society. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over the country. Is it important to appoint a lawyer local to us?
• I am completing a Market Harborough Building Society transfer of equity application and have come to the section that asks about defaults etc. I do some debts that I have been clearing for a number of years, I understand that they have long since disappeared from my credit records. Do I need to disclose these?
• My existing home loan is with Market Harborough Building Society. Can I transfer equity to someone who is not yet 18 years old?
• I already have a mortgage with Market Harborough Building Society and am keeping my current mortgaging but applying to have it in my sole name so my ex will be removed from the mortgage. How long does the whole transfer of equity process take?
• Is it sensible to stop my mortgage payments with Market Harborough Building Society once a date for my remortgage and transfer of equity has been agreed?

Questions that your conveyancing solicitor may ask regarding your Market Harborough Building Society Transfer of Equity

Important warnings to consider in in addition to the above Market Harborough Building Society transfer of equity Questions and Answers :

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, 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 violation of your covenants under 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 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 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 market value of the property at the conclusion of the transfer of equity transaction.

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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information provided 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.