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Are you in need of a Transfer of Equity with a Marsden Building Society mortgage? Failing to check that a lawyer is on the Marsden 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.

Frequently asked questions relating to Marsden Building Society transfer of equity

  • My Marsden Building Society home loan we jointly entered into with ex, who is agreeable to be removed and put the house in my name alone. Marsden Building Society will permit the transfer of equity to me solely. Will Marsden Building Society contact my employer to verify my salary?
  • Two years ago I bought a property without my partner's name on the deeds. My conveyancer said it is due to the fact that she is not in the loan offer with Marsden Building Society. I'm wondering is there any way that I can put her name on the documents at HMLR?
  • I am completing a Marsden Building Society transfer of equity application and have come to the section regarding defaults etc. There are some debts that I have been reducing since 2007, I understand that they no longer remain my credit score. Do I need to reveal these?
  • Is it possible to transfer the equity held in my property with my Marsden Building Society home loan?
  • Law week I separated from my partner of 18 years. I'm now living with my mum and dad and she wants to remain in the apartment and buy me out. What portion am I entitled to. Is it 50% of the equity after paying off the Marsden Building Society home loan? I assume proper valuations are required but I really need ensure that I'm getting the best deal
  • My brother and I got a joint mortgage with Marsden Building Society on a flat in 2013. I am now thinking of purchasing a property on my own and my friend would like to buy me out. Once we have agreed a figure where do we go? Is there likely to be any concerns with Marsden Building Society with him being responsible for the total mortgage rather than only half of it?
  • I understand we would need at least AP1 and TR1. Is this true?

Information that may be required from your lawyer is likely to ask in relation to your Marsden Building Society Transfer of Equity

Please give the name(s) and addresse(s) of anyone to be added to the property title?

Where you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

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

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)

Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

General Advice to read in in addition to the above Marsden Building Society transfer of equity information :

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 Marsden Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under 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 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 Marsden 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 Marsden 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 the conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Marsden Building Society.

Preparing the Transfer of Equity with a Marsden 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 Marsden 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 Marsden Building Society transfer of equity