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Are you in need of a Transfer of Equity with a Marsden Building Society mortgage? Failing to check that a lawyer is on the Marsden Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Recently asked questions relating to Marsden Building Society transfer of equity

  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Marsden Building Society?
  • Can I transfer the equity held in my property with my Marsden Building Society home loan?
  • Our mortgage broker has recommended their conveyancer for my Transfer of Equity plus remortgage with Marsden Building Society - Is it not simpler better to just use them?
  • I am in the process of removing a name from a joint mortgage and the Marsden Building Society require me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Friern Barnet conveyancer to deal with the transfer of equity? They need to be on the Marsden Building Society conveyancing panel.
  • I am in the market for an affordable conveyancing solicitor to assist in a transfer of equity and remortgage with Marsden Building Society. I I am concerned about appointing the wrong one but with so many conveyancing solicitors who do transfer of equity conveyancing to choose from...how do I know which to appoint?
  • I purchased a property with my brother in 2009 Since then, we have both got married. We are now intending 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?
  • What are the average legal charges are for a transfer of equity? I need to transfer equity and remortgage - new loan with Marsden Building Society - and have been quoted Three Hundred pounds including VAT by Marsden Building Society's approved conveyancing solicitor, Have I been over quoted?

Questions that your conveyancing solicitor is likely to ask in relation to your Marsden Building Society Transfer of Equity

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

Is the transfer of equity subject to a court order? If yes please supply a copy

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.

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

Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

General Advice to read in conjunction with the above Marsden Building Society transfer of equity Questions and Answers :

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 freeholder. If such conditions are not complied with you may be in breach 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 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 transaction.
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 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