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Melton Mowbray Building Society

Examples of recent questions relating to Melton Mowbray Building Society transfer of equity

  • Will I have to pay any charges for a Transfer of Equity where the current mortgage is with Melton Mowbray Building Society?
  • I got my Decree Absolute in 2010. For some reason I never dealt with the transfer ownership from the current 'joint' status to my sole name. 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 content to transfer the property and loan in my name (affordability checks done). Does she need a conveyancer?
  • As things stand I have a joint Melton Mowbray Building Society mortgage with my brother and am investigating the feasibility of him taking on the whole mortgage and removing myself from it, to enable me to buy a place with my soon-to-be-wife. The remaining mortgage is about 300k, and the property value is approx 450k. Is this a transfer of equity? Is land tax due?
  • I co-own a flat in Wakefield , with a Melton Mowbray Building Society loan with my former partner. Him and his new partner are going to buy me out. We had the go ahead from Melton Mowbray Building Society to replace my name with hers. The transfer of equity has to be completed by a lawyer for Melton Mowbray Building Society (apparently). Is it possible for us to do the Land Registry change?
  • I am planning on removing a name from a joint mortgage and the Melton Mowbray Building Society need me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Witham conveyancing solicitor to deal with the transfer of equity? They need to be on the Melton Mowbray Building Society conveyancing panel.
  • My decree absolute has gone through as is the consent order. Now I have to deal with the transfer of equity on title deeds and the Melton Mowbray Building Society mortgage. I have asked Melton Mowbray Building Society for the transfer of equity application. What happens next?
  • What if my application doesn't meet Melton Mowbray Building Society lending criteria for a transfer of equity?

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?

Can you give the details of those who jointly own the property with you?

Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what figure

If 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 give the name(s) and addresse(s) of anyone to be removed from the title deeds?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Caveats to be read in supplemental 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 premises

Should the tenure of your property be leasehold, 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 terms are not adhered to you may be in violation 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 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 lawyer 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 valuation of the property at the time of completion 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