Examples of recent questions relating to Melton Mowbray Building Society transfer of equity

• After 3 years separated I have opted to transfer my interest in our flat to my husband who is refinancing with Melton Mowbray Building Society. Could this transfer of equity be completed within four weeks?
• I am considering refinancing my property in Crabtree does my lawyer have to be on the Melton Mowbray Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
• Melton Mowbray Building Society have today agreed I can take over the mortgage on my home. I had applied for a transfer of equity but presumably there is a transfer of ownership at HMLR as well?
• Me and a friend got a joint mortgage with Melton Mowbray Building Society on a flat about a year ago. I am now looking to get a property on my own and my friend would like to buy me out. Once we have agreed a figure what are the next steps? Is there likely to be any concerns with Melton Mowbray Building Society with him being solely liable for the total loan as opposed to only part of it?
• I am transferring my equity in apartment in Hendon to my co-owners fiance, they are sticking with Melton Mowbray Building Society as the the existing mortgage company. We are in heated discussion as to who must cover the fees for the transfer of equity. Should this be shared or is one of us liable for the charges for?
• Have recently split up with my partner of 18 years. I'm now living with my mum and dad and she wishes to stay in the flat and buy me out. What percentage do I get. Is it half of the equity after redeeming the mortgage with Melton Mowbray Building Society? I assume proper valuations are required but I really need to be confident that I'm getting I am not being taken advantage of
• Is it possible to apply to borrow a further advance from Melton Mowbray Building Society as part of a Transfer of Equity?

Information that may be required from your conveyancing solicitor is likely to ask regarding your Melton Mowbray Building Society Transfer of Equity

General Advice to read in further to the above Melton Mowbray 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 Melton Mowbray 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 require that you have a license to do so from the landlord. If such conditions are not complied with 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 pursuant to 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 varies based on the market value of the property at the time of completion of the transfer of equity transaction.

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 conveyancer 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.