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Marsden Building Society

Sample questions relating to Marsden Building Society transfer of equity

  • I am in the process of removing a name from a joint mortgage and the Marsden Building Society require me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Witham conveyancing solicitor to deal with the transfer of equity? They need to be on the Marsden Building Society conveyancing panel.
  • I am answering a Marsden Building Society transfer of equity application and have arrived at the questions concerning defaults etc. I do some debts that I have been discharging for a number of years, in fact they have long since disappeared from my credit rating. Am I obliged to reveal these?
  • My father died half a year ago leaving a unencumbered semi to me and my half brother 50:50. He has always lived in the property, there was a clause in her will specifying that the housecould not be sold for 24 months following her passing so he could remain there for a specified time frame. He now wants to remain in the house beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a home loan in the conventional way to acquire my equity?
  • Marsden Building Society have today agreed I can take over the home loan on my home. I have applied for a transfer of equity but presumably there is a transfer of ownership of the house as well?
  • Me and my partner jointly own a property in Blaenavon . Mortgage is with Marsden Building Society. I would like to transfer full ownership to him with no exchange of money but without using a conveyancer. Is this likely to be straightforward?
  • Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Marsden Building Society?
  • I intend to refinance my flat in Rye changing from Virgin Money to Marsden Building Society. The apartment is jointly owned but intend for it to be in my name only once I transfer. My former partner is OK with this and is willing to sign a form but neither of us want to incur conveyancer charges.

Sample of information requested in a conveyancer form concerning a Marsden Building Society Transfer of Equity

Is it the case that one of the registered owners died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

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 give the details of anyone to be extracted from the title deeds?

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

Please provide the details of anyone who jointly owns the premises with you?

Please give the name(s) and addresse(s) of anyone to be added to the property title?

Caveats to be read in supporting the above Marsden Building Society transfer of equity Questions and Answers :

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 have a requirement for notices to be served and that you have a license to do so from the landlord. If such terms are not adhered to 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 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 conclusion 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 conveyancing solicitor 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 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