Examples of recent questions relating to Marsden Building Society transfer of equity
- Is it sensible to cancel the direct debit for my mortgage with Marsden Building Society once a date for my remortgage and transfer of equity has been set?
- I bought a property with my brother five.seven years ago Since purchasing the property, we have both got married. We are now looking to do a transfer of equity so my name is removed 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?
- Last year bought a flat without my partner's name on the deeds. My conveyancer claimed it is because she was not in the mortgage with Marsden Building Society. Is it possible for me to add her name on the documents at HM Land Registry?
- How much the typical conveyancing fees are for a transfer of equity? I need to transfer equity and remortgage - moving over to Marsden Building Society - and have been quoted £350 plus VAT by Marsden Building Society's approved conveyancer, Is this is a good price or not?
- I plan to refinance my apartment in Witham
changing from Yorkshire Building Society to Marsden Building Society. The maisonette is jointly owned but wish for it to be in my name only as and when I transfer. My wife has verbally consented to this and is happy to transfer equity but neither of us want to incur lawyer charges.
- I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
- My Marsden Building Society mortgage is in joint names with ex, who is agreeable to be removed and let me have the property. Marsden Building Society will permit the transfer of equity to my individual name. Do Marsden Building Society write my employer to check my salary?
Sample of questions in a conveyancing solicitor questionnaire relating to Marsden Building Society 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 making any payment for the Transfer of Equity and to whom and disclose any such sums?
If you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Please list all persons who occupy the property, their respective ages and relationships to you.
Who will be responsible for the costs of the Transfer of Equity?
Important warnings to consider in further to the above Marsden Building Society transfer of equity Info :
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 premises
Should the tenure of your property be 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 freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger 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 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 is dependent on the valuation of the property at the time of completion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Marsden Building Society.
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.
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.