Frequently asked questions relating to Melton Mowbray Building Society transfer of equity
- Is stamp duty payable when it comes to an transfer of equity with a mortgage with Melton Mowbray Building Society?
- I recently purchased a house without my partner's name on the title. My conveyancer said it is due to the fact that she is not in the mortgage with Melton Mowbray Building Society. I'm wondering is there any way that I can put her name on the title?
- I currently have a joint Melton Mowbray Building Society mortgage with my cousin and am investigating the feasibility of him taking on the outstanding mortgage and extracting myself from it, to enable me to buy a property with my partner. The remaining mortgage is approx 300k, and the property value is about 500k. Is this a transfer of equity? Is land tax due?
- I am completing a Melton Mowbray Building Society transfer of equity form and have come to the questions regarding defaults etc. There are some debts that I have been paying off over a long period, I understand that they have long since disappeared from my credit score. Am I obliged to declare these?
- I intend to remortgage my apartment in Littleborough
changing from Lloyds TSB to Melton Mowbray Building Society. The maisonette is currently in joint names but wish for it to be in my name only as and when I transfer. My former partner is OK with this and is willing to sign a form but neither of us want to get a second conveyancing solicitor involved.
- Is it possible to transfer the equity held in my property with my Melton Mowbray Building Society mortgage?
- Law month I split up with my ex of 18 years. I'm now back with my parents again and she wishes to stay in the apartment and buy me out. What percentage am I entitled to. Is it 50% of the equity after paying off the mortgage with Melton Mowbray Building Society? I assume proper valuations are required but I would like ensure that I'm getting I am not being taken advantage of
Information that may be required from your conveyancer is likely to ask about your Melton Mowbray Building Society Transfer of Equity
Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?
If you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Have you approached Melton Mowbray Building Society to seek consent to the Transfer of Equity
Please give the details of anyone to be added to the property title?
Can you provide the details of those who jointly own the premises with you?
We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)
Information to consider in supporting the above Melton Mowbray Building Society transfer of equity Advice :
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, the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach of the lease. This could trigger 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 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.
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 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.