Top seven questions relating to Marsden Building Society transfer of equity
- My divorce has gone through as is the consent order. Now I need to deal with the transfer of equity on title deeds and the Marsden Building Society mortgage. I have called Marsden Building Society for the transfer of equity forms. What are my next steps?
- Law week I split up with my ex of twenty years. I'm now living with my parents again and she wants to stay in the property and buy me out. What percentage am I entitled to. Is it 50% of the equity after paying off the Marsden Building Society home loan? I assume proper valuations are necessary but I really need ensure that I'm getting I am not being walked over
- Will I incur any fees for a Transfer of Equity where the current mortgage is with Marsden Building Society?
- Given that we have been three years estranged I have made the decision to give up my interest in the former home to my husband who is refinancing with Marsden Building Society. Could this transfer of equity be completed within 28 days?
- What are the average solicitors charges are for a transfer of equity? I'm in the process of remortgaging - new loan with Marsden Building Society - and have been quoted £250 including VAT by Marsden Building Society's approved conveyancing solicitor, Is this is a good price or not?
- I am hoping to remortgage my maisonette in Heathfield
moving from Barnsley BS to Marsden Building Society. The flat is jointly owned but I would like it to be in my sole name when I transfer. My husband is OK with this and is willing to sign a form but neither of us want to get a second conveyancer involved.
- I currently have a joint Marsden Building Society mortgage with my cousin and am investigating the feasibility of him taking on the whole mortgage and extracting myself from it, so as to enable me to purchase somewhere with my fiance. The outstanding mortgage is about 300k, and the property value is in the region 450k. Is this a transfer of equity? Is stamp duty due?
Sample of information requested in a conveyancing solicitor questionnaire relating to Marsden Building Society Transfer of Equity
Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Please let us know if you are providing any payment for the Transfer of Equity and to whom and give details of any such sums?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Please provide the details of anyone to be added to the property title?
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?
Information to consider in in addition to the above Marsden 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 Marsden Building Society conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold titles
If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.
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 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 is dependent on the valuation of the property at finalisation 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 lawyer 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.
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.