Market Harborough Building Society transfer of equity example support desk enquires

• Is it possible to transfer the equity held in my property with my Market Harborough Building Society mortgage?
• I am hoping to refinance my home in Littleborough changing from Nationwide to Market Harborough Building Society. The flat is currently in joint names but intend for it to be in my sole name when I remortgage. My husband has agreed to this and is willing to transfer equity but neither of us want to incur lawyer charges.
• I bought a property with my brother six years ago Since purchasing the property, we have both got married. We are now seeking to do a transfer of equity so my name is removed the Market Harborough Building Society mortgage. There is a significant difference between the value the lender hold and what the property would sell for currently. Can you offer any advice?
• Can I apply to borrow a further advance from Market Harborough Building Society as part of a Transfer of Equity?
• What legal advice do I need when doing a transfer of equity where the home loan is to remain with Market Harborough Building Society?
• Me and a friend got a joint mortgage with Market Harborough Building Society on a property about a year ago. 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 price what happens next? Would there be any potential issue with Market Harborough Building Society with him being on the hook for the total loan rather than only half of it?
• What are my options where I am unhappy with the conveyancing solicitor who undertook my transfer of equity conveyancing?

Questions that your conveyancer could ask in relation to your Market Harborough Building Society Transfer of Equity

Information to consider in further to the above Market Harborough Building Society transfer of equity Info :

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

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to 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 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 conveyancing solicitor 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.

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.