LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Melton Mowbray Building Society

Melton Mowbray Building Society transfer of equity: q and a’s

  • Last year bought a flat without my wife's name on the title. My lawyer claimed it is due to the fact that she was not in the mortgage with Melton Mowbray Building Society. Is it possible for me to add her name on the title?
  • Me and my partner co-own a flat in Miles Platting . Home loan is with Melton Mowbray Building Society. I wish to transfer full ownership to him with no passing of money but without using a lawyer. Is this likely to be straightforward?
  • My current mortgage is with Melton Mowbray Building Society. Can I transfer equity to someone who is not yet 18 years old?
  • I am completing a Melton Mowbray Building Society transfer of equity form and have come to the questions concerning defaults etc. There are some debts that I have been clearing over a long period, in fact they have long since disappeared from my credit score. Must I set these out?
  • Is it sensible to cancel the direct debit for my mortgage with Melton Mowbray Building Society once a date for my remortgage and transfer of equity has been agreed?
  • I am are seeking to find a responsive conveyancing lawyer to assist in a transfer of equity and refinance with Melton Mowbray Building Society. I really don't want to get ripped off and there are lots of conveyancing firms who do transfer of equity conveyancing to pick from...who's the best?
  • What if my application doesn't meet Melton Mowbray Building Society lending criteria for a transfer of equity?

Examples of information requested in a lawyer form relating to Melton Mowbray Building Society Transfer of Equity

Please provide a copy of your National Insurance Number?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Please provide the name(s) and addresse(s) of those who jointly own the property with you?

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

Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what amounts

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

Important warnings to consider in supplemental the above Melton Mowbray Building Society transfer of equity Questions and Answers :

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 require that you have a license to do so from the landlord. If such conditions are not strictly observed you may be in breach 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 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 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 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