Examples of recent questions relating to Melton Mowbray Building Society transfer of equity
- Is it sensible to stop the direct debit for my mortgage with Melton Mowbray Building Society as soon as a date for my remortgage and transfer of equity has been set?
- I already have a mortgage with Melton Mowbray Building Society and am retaining my current mortgaging but seeking to have have the equity transferred to my sole name so my former wife will come off the title. How long do Melton Mowbray Building Society take to process the application?
- My Melton Mowbray Building Society home loan we jointly entered into with ex, he is agreeable to come off the deeds and put the house in my name alone. Melton Mowbray Building Society will permit the transfer of equity to my individual name. Will Melton Mowbray Building Society write my company to verify my salary?
- I am in the process of removing a name from a joint mortgage and the Melton Mowbray Building Society need me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Ampthill conveyancer to deal with the transfer of equity? They need to be on the Melton Mowbray Building Society conveyancing panel.
- My brother and I got a joint mortgage with Melton Mowbray Building Society on a flat in 2013. I am now looking to get a flat on my own and my friend would like to buy me out. Assuming we can agree a figure where do we go? Would there be any potential issue with Melton Mowbray Building Society with him being on the hook for the total loan rather than only part of it?
- I got divorced two years ago. Foolishly I never got around to change the ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Melton Mowbray Building Society is content to transfer the property and loan in my name (affordability checks done). Does my ex need a solicitor?
- Is there such a thing a transfer of equity stamp duty calculator?
Questions that your conveyancer could ask in relation to your Melton Mowbray Building Society 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 going to hold 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 let us know if you are providing any payment for the Transfer of Equity and to whom and give details of any such sums?
Where you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please list all persons who occupy the property, their respective ages and relationships to you.
Who will be responsible for the costs of the Transfer of Equity?
Important warnings to consider in in addition to the above Melton Mowbray Building Society transfer of equity information :
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
Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 varies based on the market value of the property at finalisation of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Melton Mowbray Building Society your property may be repossessed.
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.