Marsden Building Society transfer of equity: q and a’s

• My ex are looking to get a conveyancer lined up for a new mortgage with Marsden Building Society. Transfer of Equity conveyancing is also neededI have used the different comparison based tools and the results are from all over UK. How necessary is it to instruct a conveyancing solicitor local to us?
• My Marsden Building Society mortgage is in joint names with ex, he is agreeable to come off the mortgage and let me have the property. Marsden Building Society will permit the transfer of equity to me solely. Will Marsden Building Society contact my boss to check my salary?
• I plan to refinance my apartment in Sedgefield changing from Nationwide to Marsden Building Society. The maisonette is jointly owned but wish for it to be in my name only as and when I remortgage. My wife is OK with this and is happy to sign a form but neither of us want to get a second lawyer involved.
• After four years separated I have made the decision to relinquish up my share of our former home to my husband who is refinancing with Marsden Building Society. Can a transfer of equity be completed in four weeks?
• What if my application doesn't meet Marsden Building Society lending criteria for a transfer of equity?
• Will I have to pay any charges for a Transfer of Equity where the existing mortgage is with Marsden Building Society?
• Is there such a thing a transfer of equity stamp duty calculator?

Examples of information requested in a lawyer form relating to Marsden Building Society Transfer of Equity

Important warnings to consider in supporting the above Marsden Building Society transfer of equity Advice :

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, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such terms are not adhered to 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 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 is dependent on the valuation 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 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 conveyancing solicitor 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 does not constitute 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.