LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Marsden Building Society

Examples of recent questions relating to Marsden Building Society transfer of equity

  • My partner and I co-own a flat in Sedgefield . Home loan is with Marsden Building Society. I want to transfer full ownership to him with no exchange of money but without using a lawyer. Is this likely to be simple?
  • My partner and I have equal shares in a investment property. I am a top rate tax payer. Preferably I would like to complete a transfer of equity to her sole name in order mitigate tax on rental income. Assuming Marsden Building Society are fine with this the legal fees are inexpensive. What are the implications when we dispose of the property? As I would no longer be on the deeds would I lose my CGT relief.
  • After a number of years estranged I have decided to give up my interest in the property to my husband who is refinancing with Marsden Building Society. Can a transfer of equity be completed within one month?
  • I am planning on removing a name from a joint mortgage and the Marsden Building Society need me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Wakefield conveyancer to deal with the transfer of equity? They need to be on the Marsden Building Society conveyancing panel.
  • I am am in need of a conveyancing solicitor to deal with my transfer of equity. Marsden Building Society have been approached for a refinancing. I thought of asking my financial adviser. I am lead to believe he may get a referral fee for recommending someone, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Any flaws you see in this way of thinking?
  • Is it sensible to cancel my mortgage payments with Marsden Building Society as soon as a date for my remortgage and transfer of equity has been agreed?
  • I am thinking of refinancing my flat in Heathfield does my lawyer have to be on the Marsden Building Society Solicitor panel. The conveyancing also involves a transfer of equity.

Examples of information requested in a lawyer questionnaire concerning a Marsden Building Society Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

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

Please provide a copy of your National Insurance Number?

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?

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

Has consent been obtained from Marsden Building Society to the proposed transfer of equity?

Caveats to be read in supplemental the above Marsden Building Society transfer of equity Advice :

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

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could potentially result in 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 situations, 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 varies based on the valuation of the property at finalisation of the transfer of equity conveyancing.
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 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