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Marsden Building Society

Marsden Building Society transfer of equity example support desk enquires

  • What is the process for adding or removing names (transfer of equity) to or from my Marsden Building Society mortgage account?
  • My ex-fiance and I are searching for an affordable conveyancing solicitor to assist in a transfer of equity and remortgage with Marsden Building Society. I I am fearful of being overcharged but with various conveyancing firms who do transfer of equity conveyancing out there...who's the best?
  • How and when do I pay the Stamp Duty Land Tax due for the transfer of equity in my property in my name alone which is taking place at the same time as a remortgage with Marsden Building Society?
  • What do I do if I am dissatisfied with the conveyancing solicitor who carried out my transfer of equity transaction?
  • Given that we have been 2 a couple of years separated I have made the decision to relinquish up my interest in our former home to my husband who is refinancing with Marsden Building Society. Can a transfer of equity be done in less than one month?
  • I am trying to find a lawyer to handle my transfer of equity. Marsden Building Society have been approached for a remortgage. I considered asking my financial adviser. I am lead to believe he will likely receive a referral fee for suggesting someone, but also of benefit will be that he knows the lawyer, has dealt with them before. Any flaws you see in this way of thinking?
  • I am in the process of refinancing my flat in Dunnington does my lawyer need to be on the Marsden Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.

Questions that your conveyancer is likely to ask about your Marsden Building Society Transfer of Equity

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

Please give the details of anyone to be added to the property title?

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

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

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Information to consider in conjunction with the above Marsden Building Society transfer of equity information :

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 freeholder. If such terms are not adhered to you may be in violation 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 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 valuation of the property at finalisation 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 conveyancer 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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within 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