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Are you in need of a Transfer of Equity with a Melton Mowbray Building Society mortgage? Failing to check that a lawyer is on the Melton Mowbray Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

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

  • After 5 years apart I have made the decision to give up my interest in our property to my husband who is refinancing with Melton Mowbray Building Society. Could this transfer of equity be completed inside one month?
  • When it comes to transfer of equity conveyancing involving a remortgage with Melton Mowbray Building Society should I be invoiced VAT on the following: (1) HMLR 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 two years ago. I simply never got around to change the ownership from the current 'joint' status to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Melton Mowbray Building Society is willing to transfer the property and loan in my name (financial checks done). Does she need any legal representation?
  • Me and my partner co-own a property in Romsey . Mortgage is with Melton Mowbray Building Society. I would like to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Is this likely to be straightforward?
  • At what point do I pay the Stamp Duty Land Tax due for the transfer of equity in my house in my sole name which is happening at the same time as a refinancing via Melton Mowbray Building Society?
  • Is it sensible to stop my mortgage payments with Melton Mowbray Building Society as soon as a date for my remortgage and transfer of equity has been set?
  • What are the average legal charges are for a transfer of equity? I'm in the process of remortgaging - moving over to Melton Mowbray Building Society - and have been quoted £250 including VAT by Melton Mowbray Building Society's approved lawyer, Have I been over quoted?

Examples of information requested in a conveyancing solicitor form concerning a Melton Mowbray Building Society Transfer of Equity

Please provide a copy of your National Insurance Number?

Has consent been obtained from Melton Mowbray Building Society to the proposed transfer of equity?

Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

Has one of the registered proprietors passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Who will be responsible for the costs of the Transfer of Equity?

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” Form.

Information to consider in further to the above Melton Mowbray Building Society transfer of equity information :

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 titles

If your property is leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could potentially result in 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 the conclusion 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 conveyancer 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.


Frequently asked questions relating to Melton Mowbray Building Society transfer of equity