Frequently asked questions relating to Marsden Building Society transfer of equity
- My partner and I jointly own a house in Miles Platting
. Mortgage is with Marsden Building Society. I would like to transfer full ownership to him with no exchange of money but without using a lawyer. Is this likely to be straightforward?
- My Marsden Building Society mortgage is in joint names with ex, he has agreed to be removed and put the house in my name alone. Marsden Building Society have consented to the transfer of equity to my individual name. Will Marsden Building Society call my boss to confirm my salary?
- Online reading suggests that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I am transferring equity and at the same time refinancing with Marsden Building Society
- My decree absolute is through as is the consent order. Now I need to sort out the transfer of equity at the land registry and the Marsden Building Society home loan. I have called Marsden Building Society for the transfer of equity application. What are my next steps?
- I intend to refinance my flat in Wakefield
moving from Bank of Scotland to Marsden Building Society. The apartment is currently in joint names but intend for it to be in my name only once I remortgage. My husband is OK with this and is willing to transfer equity but neither of us want to get a second conveyancing solicitor involved.
- I co-own a flat in Sedgefield
, with a Marsden Building Society loan with my former partner. Him and his fiance are going to buy me out. We had approval from Marsden Building Society to replace my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Marsden Building Society (supposedly). Can we do the Land Registry formalities?
- Is it possible to apply to request more money from Marsden Building Society as part of a Transfer of Equity?
Sample of information requested in a lawyer questionnaire relating to Marsden Building Society Transfer of Equity
Would you like us to draft you Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Where you 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?
Has one of the registered proprietors died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.
Please provide the name(s) and addresse(s) of anyone to be removed from the title deeds?
Please provide a copy of your National Insurance Number?
Important warnings to consider in conjunction with 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 titles
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 landlord. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 varies based on the valuation of the property at the time of completion 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.
Content 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.