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Market Harborough Building Society

Market Harborough Building Society transfer of equity example support desk enquires

  • I am under the impression we would need at least AP1 and TR1. Is this true?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Market Harborough Building Society?
  • I am trying to find a lawyer to deal with my transfer of equity. Market Harborough Building Society have been approached for a refinancing. I thought of asking my financial adviser. I understand he will likely get a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Any flaws you see in this way of thinking?
  • My decree absolute is through as is the consent order. Now I must sort out the transfer of equity for the property and the Market Harborough Building Society home loan. I have called Market Harborough Building Society for the transfer of equity application. What happens next?
  • What do I do if I am not happy with the conveyancer who handled our transfer of equity transaction?
  • My dad died last May leaving a unencumbered semi to me and my half brother in equal shared. He has always lived in the house, there was a condition in the will specifying that the premisescould not be sold for three years after her passing so he could remain there for a while. He now wants to remain in the house beyond the specified period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the traditional way to purchase my equity?
  • Can I transfer the equity held in my property with my Market Harborough Building Society mortgage?

Information that may be required from your conveyancing solicitor may ask in relation to 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?

Can you provide the name(s) and addresse(s) of those who jointly own the property with you?

Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?

Please give the details of anyone to be extracted from the title deeds?

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?

Has consent been obtained from Market Harborough Building Society to the proposed transfer of equity?

Caveats to be read in conjunction with 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

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not strictly observed you may be in breach 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 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 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 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.

Content on this webpage is for general information and only applies to England and Wales. It should not be regarded as 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