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Marsden Building Society

Marsden Building Society transfer of equity example support desk enquires

  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Marsden Building Society?
  • At what point do I pay stamp duty payable for the transfer of equity in my home in my name alone which is taking place at the same time as a remortgage via Marsden Building Society?
  • Me and a friend got a joint mortgage with Marsden Building Society on a house a couple of years ago. I am now looking to get a flat by myself and my friend would like to buy me out. Assuming we can agree a figure what happens next? Would there be any potential issue with Marsden Building Society with him being on the hook for the total mortgage as opposed to only part of it?
  • My existing home loan is with Marsden Building Society. Can I transfer equity to someone less than eighteen years old?
  • My partner and myself equally own a BTL. I am a higher rate tax payer. Preferably I would like to do a transfer of equity into her name with a view to mitigate tax on rental income. If Marsden Building Society are content with this the legal fees are not high. What are the implications when we sell? Would my GGT relief be lost.
  • Am I best advised stop the direct debit for my mortgage with Marsden Building Society as soon as a date for my remortgage and transfer of equity has been set?
  • When it comes to transfer of equity conveyancing involving a remortgage with Marsden Building Society should I be invoiced VAT 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

Information that may be required from your conveyancing solicitor could ask regarding your Marsden Building Society Transfer of Equity

Have you approached Marsden Building Society to seek consent to the Transfer of Equity

Who will be responsible for the costs of the Transfer of Equity?

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 the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Can you provide the name(s) and addresse(s) of anyone who jointly owns the premises with you?

Please let us know if you are providing any payment for the Transfer of Equity and to whom and give details of the amount?

Information to consider in further 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 properties

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not complied with you may be in violation of 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 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 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 lawyer 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.


Frequently asked questions relating to Marsden Building Society transfer of equity