Frequently asked questions relating to Marsden Building Society transfer of equity
- I jointly own a flat in Wakefield
, with a Marsden Building Society loan with my former partner. He and his fiance are going to acquire my share. We had the go ahead from Marsden Building Society to remove my name with hers. The transfer of equity has to be done by a conveyancer for Marsden Building Society (apparently). Can we do the Land Registry change?
- What do I do if I am unhappy with the conveyancing solicitor who undertook my transfer of equity conveyancing?
- Is stamp duty payable when it comes to an transfer of equity with a mortgage with Marsden Building Society?
- How and when do I incur stamp duty payable for the transfer of equity in my home in my name alone which is taking place simultaneously with a switching mortgage with Marsden Building Society?
- I got divorced two years ago. For some reason I never got around to transfer ownership from both our names to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Marsden Building Society is content to transfer the property and loan in my name (financial checks done). Does my ex need a lawyer?
- My former husband are seeking to get a conveyancing solicitor lined up for a new mortgage with Marsden Building Society. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over the country. Do we need to instruct a lawyer local to us?
- Been reviewing online blogs that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I need to be transferring equity and simultaneously remortgaging with Marsden Building Society
Questions that your lawyer could ask in relation to your Marsden Building Society Transfer of Equity
Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?
Can you provide the details of those who jointly own the premises with you?
Please provide a copy of your National Insurance Number?
Has consent been obtained from Marsden Building Society to the proposed transfer of equity?
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 Marsden 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 Marsden Building Society conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold titles
If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in breach of the lease. This could potentially result in 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 lawyer 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 time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Marsden Building Society your property may be repossessed.
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 conveyancer 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 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.