Recently asked questions relating to Market Harborough Building Society transfer of equity
- Do I need legal advice when doing a transfer of equity where the home loan is to remain with Market Harborough Building Society?
- What should I be budgeting for when it comes to what conveyancing fees are for a transfer of equity? I need to transfer equity and refinance - moving over to Market Harborough Building Society - and have been quoted Four Hundred pounds excluding VAT by Market Harborough Building Society's approved conveyancing solicitor, Have I been over quoted?
- I already have a mortgage with Market Harborough Building Society and am keeping my existing mortgaging but seeking to have it in my name alone so my former partner won't be on it any longer. How long can it take for the paperwork to be processed?
- I am am in need of a conveyancer to undertake my transfer of equity. Market Harborough Building Society are dealing with the remortgage. I considered asking my financial adviser. I am lead to believe he may receive a referral fee for recommending a firm, but also of benefit will be that he knows the lawyer, has dealt with them before. Is my logic correct?
- My brother and I got a joint mortgage with Market Harborough Building Society on a flat about a year ago. I am now thinking of buying a flat on my own and my friend would like to buy me out. On the basis that we can settle on an amount what happens next? Would there be any potential concerns with Market Harborough Building Society with him being on the hook for the total loan rather than only half of it?
- Me and my former husband and I are are looking to find a quality conveyancing solicitor to help me sell in a transfer of equity and remortgage with Market Harborough Building Society. I I am concerned about by bill escalating out of control and there's many conveyancing practices who do transfer of equity conveyancing to pick from...who do I opt for?
- I am in the process of removing a name from a joint mortgage and the Market Harborough Building Society need me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Witham
conveyancing solicitor to deal with the transfer of equity? They need to be on the Market Harborough Building Society conveyancing panel.
Information that may be required from your conveyancer could ask in relation to your Market Harborough Building Society Transfer of Equity
Where you 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?
We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)
Can you provide the details of anyone who jointly owns the premises with you?
Has consent been obtained from Market Harborough Building Society to the proposed transfer of equity?
Please let us know of you wish us to draw up a Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?
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.
Important warnings to consider in supplemental 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 premises
If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions 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 conveyancing.
If you do not keep up the payments on your mortgage with Market Harborough Building Society your property may be repossessed.
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.