Recently asked questions relating to Marsden Building Society transfer of equity

• I am planning on removing a name from a joint mortgage and the Marsden Building Society require me to use a conveyancing solicitor to carry out the paperwork. Can you recommend a reasonably priced Crabtree conveyancer to deal with the transfer of equity? They need to be on the Marsden Building Society conveyancing panel.
• What do I do if I am dissatisfied with the lawyer who handled my transfer of equity transaction?
• My existing home loan is with Marsden Building Society. Can I transfer equity to someone who is not yet eighteen years old?
• I jointly own a apartment in Wakefield , with a Marsden Building Society mortgage with my ex husband. He and his fiance are going to acquire my share. We had the go ahead from Marsden Building Society to substitute my name with hers. The transfer of equity has to be done by a conveyancer for Marsden Building Society (supposedly). In order to save fees can I do the Land Registry change?
• At what stage do I incur stamp duty chargeable for the transfer of equity in my property in my sole name which is taking place at the same time as a refinancing via Marsden Building Society?
• Is there such a thing a transfer of equity stamp duty calculator?
• Is it possible to apply to request a further advance from Marsden Building Society as part of a Transfer of Equity?

Sample of information requested in a conveyancer form relating to Marsden Building Society Transfer of Equity

Caveats to be read in supplemental the above Marsden 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 Marsden Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, 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 conditions are not complied with you may be in breach 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 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 is dependent on the market value of the property at finalisation of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Marsden 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 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.