Melton Mowbray Building Society transfer of equity example support desk enquires

• My current mortgage is with Melton Mowbray Building Society. Can I transfer equity to someone under eighteen years old?
• Is it possible to transfer the equity held in my property with my Melton Mowbray Building Society mortgage?
• My Melton Mowbray Building Society mortgage is in joint names with ex, who has agreed to come off the mortgage and let me have the property. Melton Mowbray Building Society have consented to the transfer of equity to me solely. Do Melton Mowbray Building Society call my boss to verify my salary?
• My fiance and I jointly own a buy to let. I am a higher rate tax payer. Preferably I would like to do a transfer of equity to her sole name with a view to reduce our tax on rental income. Assuming Melton Mowbray Building Society are happy with this the legal fees are inexpensive. What are the implications when we dispose of the property? Would my GGT relief be lost.
• I am remortgaging my apartment in Dunnington does my lawyer need to be on the Melton Mowbray Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
• What legal advice do I need when doing a transfer of equity where the home loan is to remain with Melton Mowbray Building Society?
• I currently have a joint Melton Mowbray Building Society mortgage with my cousin and am looking into the option of him taking on the whole mortgage and removing myself from it, to enable me to purchase a place with my soon-to-be-wife. The remaining mortgage is approx 200k, and the property value is approx 600k. Is this a transfer of equity? Is stamp duty involved?

Examples of questions in a lawyer questionnaire relating to Melton Mowbray Building Society Transfer of Equity

General Advice to read in conjunction with 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 premises

Should the tenure of your property be leasehold, provisions in the lease may require 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 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 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 market value of the property at finalisation of the transfer of equity conveyancing.

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.

Content 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.