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Melton Mowbray Building Society

Questions and answers: Melton Mowbray Building Society transfer of equity

  • Is it sensible to cancel my mortgage payments with Melton Mowbray Building Society as soon as a date for my remortgage and transfer of equity has been set?
  • Our financial adviser has recommended their conveyancer for the Transfer of Equity plus remortgage with Melton Mowbray Building Society - won’t it be better to just instruct them?
  • My former husband are seeking to get a conveyancer in place for a refinance with Melton Mowbray Building Society. Transfer of Equity conveyancing is also requiredI have used the different rating based services and the results are from all over the country. How necessary is it to appoint a lawyer local to us?
  • I intend to refinance my home in Wakefield changing from Lloyds TSB to Melton Mowbray Building Society. The flat is jointly owned but wish for it to be in my name only when I remortgage. My wife has verbally consented to this and is willing to sign a form but neither of us want to incur conveyancer charges.
  • My existing 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, who is agreeable to be removed and let me have the property. Melton Mowbray Building Society will permit the transfer of equity to my individual name. Will Melton Mowbray Building Society contact my company to confirm my salary?
  • I am completing a Melton Mowbray Building Society transfer of equity form and have arrived at the section concerning defaults etc. I do some debts that I have been discharging for a number of years, in fact they have long since disappeared from my credit rating. Must I set these out?

Information that may be required from your conveyancing solicitor may ask in relation to your Melton Mowbray Building Society Transfer of Equity

Can you provide the name(s) and addresse(s) of anyone who jointly owns the property with you?

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Has one of the registered proprietors died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please provide the details of anyone to be extracted from the property title?

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Caveats to be read in supporting the above Melton Mowbray Building Society transfer of equity Advice :

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 properties

If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. 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 conveyancing solicitor 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 finalisation of the transfer of equity conveyancing.
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 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 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 Melton Mowbray Building Society transfer of equity