Top seven questions relating to Melton Mowbray Building Society transfer of equity
- My decree absolute has gone through as is the consent order. Now I must address the transfer of equity at the HMLR and the Melton Mowbray Building Society mortgage. I have called Melton Mowbray Building Society for the transfer of equity forms. What happens next?
- I own a property in Blaenavon
, with a Melton Mowbray Building Society loan with my ex husband. Him and his fiance are going to buy me out. We had consent from Melton Mowbray Building Society to replace my name with hers. The transfer of equity has to be completed by a conveyancer for Melton Mowbray Building Society (apparently). Is it possible for us to do the Land Registry change?
- What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Melton Mowbray Building Society?
- I already have a mortgage with Melton Mowbray Building Society and am keeping my existing mortgaging but wish to have have the equity transferred to my name only so my former husband won't be on it any longer. How long can it take for the forms to be processed?
- Me and my former wife and I are in the market for a responsive conveyancing solicitor to help me sell in a transfer of equity and refinance with Melton Mowbray Building Society. I want to avoid being ripped off and there's lots of conveyancing organisations who do transfer of equity conveyancing out there...how do I know which one is best appoint?
- I am answering a Melton Mowbray Building Society transfer of equity request and have come to the questions regarding defaults etc. I do some debts that I have been discharging for a number of years, I understand that they no longer remain my credit rating. Am I obliged to declare these?
- I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
Sample of information requested in a conveyancer questionnaire relating to Melton Mowbray Building Society Transfer of Equity
Please provide a copy of your National Insurance Number?
Who will be responsible for the costs of the Transfer of Equity?
Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?
Please inform us where you are making any payment for the Transfer of Equity and to whom and specify any such sums?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Has consent been obtained from Melton Mowbray Building Society to the proposed transfer of equity?
Important warnings to consider in in addition to the above Melton Mowbray 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 Melton Mowbray Building Society conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold properties
Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not complied with 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 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 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.
If you do not keep up the payments on your mortgage with Melton Mowbray Building Society your property may be repossessed.
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.
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.