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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.

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

  • Can you tell me how to have a person removed off the deeds to a house if the home loan is with Market Harborough Building Society
  • Can I transfer the equity held in my property with my Market Harborough Building Society mortgage?
  • My brother and I got a joint mortgage with Market Harborough Building Society on a flat in 2013. I am now looking to get a house by myself and my friend would like to buy me out. On the basis that we can settle on a figure what are the next steps? Would there be any potential problem with Market Harborough Building Society with him being solely liable for the total loan as opposed to only part of it?
  • I am am in need of a conveyancer to handle my transfer of equity. Market Harborough Building Society are dealing with the remortgage. I thought of asking my mortgage broker. I am lead to believe he may get a kickback for suggesting someone, but also of benefit will be that he knows the lawyer, has dealt with them before. Is my logic correct?
  • My Market Harborough Building Society home loan we jointly entered into with ex, who is agreeable to come off the mortgage and put the house in my name alone. Market Harborough Building Society will permit the transfer of equity to me solely. Will Market Harborough Building Society write my employer to confirm my salary?
  • My divorce is through as is the consent order. Now I need to sort out the transfer of equity at the HMLR and the Market Harborough Building Society mortgage. I have asked Market Harborough Building Society for the transfer of equity forms. What are my next steps?
  • Will I have to pay any fees for a Transfer of Equity where the existing mortgage is with Market Harborough Building Society?

Information that may be required from your conveyancing solicitor is likely to ask about your Market Harborough Building Society Transfer of Equity

Please provide the details of those who jointly own the premises with you?

If 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 give the details of anyone to be extracted from the property title?

Is it the case that one of the registered owners died? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

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

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?

Caveats to be read in supplemental the above Market Harborough Building Society transfer of equity Info :

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 titles

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation 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 market value 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 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 conveyancing solicitor 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