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

  • My existing home loan is with Melton Mowbray Building Society. Can I transfer equity to someone less than eighteen years old?
  • I own a apartment in Ampthill , with a Melton Mowbray Building Society mortgage with my former partner. Him and his new partner 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 done by a conveyancer for Melton Mowbray Building Society (apparently). Can we deal with the Land Registry change?
  • When it comes to transfer of equity conveyancing involving refinance with Melton Mowbray Building Society should I be invoiced VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • I got divorced in 2011. Foolishly I never dealt with the change the ownership from the current 'joint' status to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Melton Mowbray Building Society is willing to transfer the property and loan in my name (affordability checks done). Does my ex need a lawyer?
  • Having been 4 years separated I have made the decision to transfer my interest in the house to my husband who is re-mortgaging with Melton Mowbray Building Society. Could this transfer of equity be done in one month?
  • My former wife are planning to get a conveyancing solicitor lined up for a remortgage with Melton Mowbray Building Society. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over the country. How necessary is it to instruct a lawyer local to us?
  • I bought a house with a friend five.seven years ago Since then, we have both got married. We are now intending to do a transfer of equity so my name is taken off the Melton Mowbray Building Society mortgage. There is a meaningful difference between the value the lender hold and what the property would sell for currently. Can you offer any advice?

Examples of questions in a conveyancing solicitor form relating to Melton Mowbray Building Society Transfer of Equity

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?

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

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

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

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

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Important warnings to consider in supplemental 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 premises

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. 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 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 varies based on the market value of the property at the conclusion 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 lawyer 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 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