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Are you in need of a Transfer of Equity with a Market Harborough Building Society mortgage? Failing to check that a lawyer is on the Market Harborough Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Questions and answers: Market Harborough Building Society transfer of equity

  • My divorce has gone through as is the consent order. Now I must sort out the transfer of equity on title deeds and the Market Harborough Building Society home loan. I have asked Market Harborough Building Society for the transfer of equity forms. What happens next?
  • Two years ago I purchased a flat without my wife's name on the title documents. My conveyancer claimed it is due to the fact that she was not in the mortgage with Market Harborough Building Society. I'm wondering is there any way that I can put her name on the title?
  • At what stage do I cover the costs of the Stamp Duty Land Tax payable for the transfer of equity in my property in my sole name which is taking place at the same time as a remortgage via Market Harborough Building Society?
  • I jointly own a flat in Witham , with a Market Harborough Building Society mortgage with my former husband. He and his new partner are going to acquire my share. We had approval from Market Harborough Building Society to substitute my name with hers. The transfer of equity has to be completed by a lawyer for Market Harborough Building Society (apparently). Can we do the Land Registry formalities?
  • My father died seven months ago leaving a loan-free semi to me and my brother 50:50. He has always lived in the house, there was a condition in the will saying the propertycould not be sold for 2 years following her passing so he could continue to live there for a while. He now says he would like to remain in the premises beyond the prescribed period. We have considered a transfer of equity. Am I right in saying we'd get a valuation then he'd get a mortgage in the conventional way to purchase my equity?
  • What if my application doesn't meet Market Harborough Building Society lending criteria for a transfer of equity?
  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?

Information that may be required from your conveyancing solicitor could ask about your Market Harborough Building Society 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 let us know of you wish us to draw up a Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

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 adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

If 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 in addition to the above Market Harborough Building Society transfer of equity information :

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 premises

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

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 conveyancer 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 the conclusion 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 conveyancer 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 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.

Frequently asked questions relating to Market Harborough Building Society transfer of equity