Frequently asked questions relating to Melton Mowbray Building Society transfer of equity
- My current home loan is with Melton Mowbray Building Society. Can I transfer equity to someone who is not yet 18 years old?
- My Melton Mowbray Building Society mortgage we jointly entered into with ex, he has agreed to come off the mortgage and put the house in my name alone. Melton Mowbray Building Society will permit the transfer of equity to my individual name. Do Melton Mowbray Building Society call my boss to check my salary?
- My decree absolute has gone through as is the consent order. Now I need to address the transfer of equity for the property and the Melton Mowbray Building Society home loan. I have asked Melton Mowbray Building Society for the transfer of equity application. What happens next?
- My partner and I jointly own a property in Crabtree
. Mortgage is with Melton Mowbray Building Society. I would like to transfer full ownership to him with no passing of money but without using a conveyancer. Do you think this should be simple?
- Have recently split up with my partner of twenty years. I'm now back with my parents again and she wants to remain in the property and pay me off. What portion do I get. Is it half of the equity after redeeming the Melton Mowbray Building Society home loan? I assume proper valuations are required but I really need to be confident that I'm getting what I am entitled to
- I am planning on removing a name from a joint mortgage and the Melton Mowbray 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 Melton Mowbray Building Society conveyancing panel.
- Will I have to pay any charges for a Transfer of Equity where the existing home loan is with Melton Mowbray Building Society?
Sample of questions in a lawyer form concerning a Melton Mowbray Building Society Transfer of Equity
Please provide the details of those who jointly own the premises with you?
Please provide the name(s) and addresse(s) of anyone to be added to the property title?
Have you approached Melton Mowbray Building Society to seek consent to the Transfer of Equity
If 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” Form.
Is it the case that one of the registered proprietors passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.
Please confirm if you are making any payment for the Transfer of Equity and to whom and give details of any such sums?
General Advice to read in supplemental the above Melton Mowbray 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 Melton Mowbray 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 require that you obtain the consent of 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.
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 lawyer will check with Melton Mowbray 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 Melton Mowbray 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 market value 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 Melton Mowbray Building Society.
Preparing the Transfer of Equity with a Melton Mowbray 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 Melton Mowbray 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 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.