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Marsden Building Society

Sample questions relating to Marsden Building Society transfer of equity

  • I am considering remortgaging my house in Littleborough does my lawyer have to be on the Marsden Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
  • Can I apply to request more money from Marsden Building Society as part of a Transfer of Equity?
  • When it comes to transfer of equity conveyancing involving a remortgage with Marsden Building Society should I be paying value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • I bought a flat with my brother five.seven years ago Since then, we have both got married. We are now looking to do a transfer of equity so my name comes off the Marsden Building Society mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • Me and my partner jointly own a flat in Sedgefield . Mortgage is with Marsden Building Society. I would like to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Is this likely to be simple?
  • 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 legalities. Can you recommend a reasonably priced Littleborough conveyancer to deal with the transfer of equity? They need to be on the Marsden Building Society conveyancing panel.
  • My current mortgage is with Marsden Building Society. Can I transfer equity to someone under eighteen years old?

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

Please provide the name(s) and addresse(s) of anyone to be extracted from the property title?

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

Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

Is there to be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what figure

Please give 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 completion of the Transfer of Equity?

Important warnings to consider in further to 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 properties

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in 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 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 conveyancer 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.
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 conveyancing solicitor 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 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.


Frequently asked questions relating to Marsden Building Society transfer of equity