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Market Harborough Building Society

Market Harborough Building Society transfer of equity: q and a’s

  • After four years apart I have made the decision to give up my interest in our former home to my husband who is re-mortgaging with Market Harborough Building Society. Could this transfer of equity be completed in less than 28 days?
  • Can I transfer the equity held in my property with my Market Harborough Building Society home loan?
  • My divorce is through as is the consent order. Now I must sort out the transfer of equity at the HMLR and the Market Harborough Building Society mortgage. I have called Market Harborough Building Society for the transfer of equity forms. What do I do now?
  • My existing home loan is with Market Harborough Building Society. Can I transfer equity to someone under eighteen years old?
  • Am I best advised stop my mortgage payments with Market Harborough Building Society as soon as a date for my remortgage and transfer of equity has been set?
  • What if my application doesn't meet Market Harborough Building Society lending criteria for a transfer of equity?
  • My Market Harborough Building Society mortgage 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 me solely. Do Market Harborough Building Society write my employer to check my salary?

Sample of questions in a lawyer form concerning a Market Harborough Building Society Transfer of Equity

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

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?

Please list all persons who occupy the property, their respective ages and relationships to you.

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

Please provide the name(s) and addresse(s) of anyone to be extracted from the property title?

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?

Important warnings to consider in in addition to 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 titles

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not strictly observed you may be in breach of 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 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 is dependent on the market value 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 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 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