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Melton Mowbray Building Society

Melton Mowbray Building Society transfer of equity example support desk enquires

  • My former wife are planning to get a conveyancing solicitor lined up for a new mortgage with Melton Mowbray Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based services and the results are from all over the country. Is it important to appoint a lawyer local to us?
  • Am I best advised cancel my mortgage payments with Melton Mowbray Building Society once a date for my remortgage and transfer of equity has been set?
  • I jointly own a house in Crabtree , with a Melton Mowbray Building Society loan with my ex husband. Him and his fiance are going to acquire my share. We had the go ahead from Melton Mowbray Building Society to substitute my name with hers. The transfer of equity has to be completed by a conveyancing solicitor for Melton Mowbray Building Society (apparently). Can we do the Land Registry change?
  • Been looking at online forums that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I need to be transferring equity and at the same time refinancing with Melton Mowbray Building Society
  • At what point do I incur the Stamp Duty Land Tax payable for the transfer of equity in my property in my sole name which is taking place at the same time as a remortgage via Melton Mowbray Building Society?
  • I am answering a Melton Mowbray Building Society transfer of equity form and have come to the questions that asks about debts etc. There are some debts that I have been clearing since 2008, I understand that they have long since disappeared from my credit score. Must I set these out?
  • I am under the impression we would need at least AP1 and TR1. Is this true?

Questions that your conveyancing solicitor is likely to ask about your Melton Mowbray Building Society Transfer of Equity

Please provide a copy of your National Insurance Number?

Have you approached Melton Mowbray Building Society to seek consent to the Transfer of Equity

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Where you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Who will be responsible for the costs of the Transfer of Equity?

Please confirm where you are providing any payment for the Transfer of Equity and to whom and disclose any such sums?

Information to consider in further to the above Melton Mowbray Building Society transfer of equity Info :

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 titles

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in 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 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 conveyancer 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 valuation of the property at the conclusion 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 conveyancing solicitor 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 contained within 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.


Frequently asked questions relating to Melton Mowbray Building Society transfer of equity