Common questions relating to Market Harborough Building Society transfer of equity
- What if my application doesn't meet Market Harborough Building Society lending criteria for a transfer of equity?
- My Market Harborough Building Society home loan is in joint names with ex, who is agreeable to come off the deeds 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?
- I plan to remortgage my home in Wakefield
moving from Barnsley BS to Market Harborough Building Society. The maisonette is currently in joint names but intend for it to be in my name only once I transfer. My wife has verbally consented to this and is happy to transfer equity but neither of us want to get a second conveyancer involved.
- Is it possible to apply to request more money from Market Harborough Building Society as part of a Transfer of Equity?
- I got my Decree Absolute in 2012. I simply never dealt with the change the ownership from the current 'joint' status to my sole name. I am ready to do that and so is she. Transfer-of-equity is needed. Market Harborough Building Society is content to transfer the property and loan in my name (financial checks done). Does she need a lawyer?
- As things stand I have a joint Market Harborough Building Society mortgage with my cousin and am investigating the option of him taking on the whole mortgage and removing myself from it, to enable me to buy a place with my fiance. The remaining mortgage is in the region 200k, and the property value is approx 600k. Is this a transfer of equity? Is stamp duty involved?
- When it comes to transfer of equity conveyancing involving a remortgage with Market Harborough Building Society should I be invoiced VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
Questions that your conveyancing solicitor is likely to ask regarding your Market Harborough Building Society Transfer of Equity
Have you approached Market Harborough Building Society to seek consent to the Transfer of Equity
Please give the name(s) and addresse(s) of anyone to be extracted from the property title?
Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?
Can you give the details of those who jointly own the property with you?
Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?
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 supporting 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 properties
If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 finalisation of the transfer of equity transaction.
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 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.
Content 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.