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

• I am answering a Melton Mowbray Building Society transfer of equity application and have arrived at the section that asks about debts etc. I do some debts that I have been reducing since 2008, in fact they have long since disappeared from my credit score. Must I set these out?
• I am looking for a conveyancing solicitor to deal with my transfer of equity. Melton Mowbray Building Society are dealing with the refinancing. I thought of asking my financial adviser. I am lead to believe he may receive a referral fee for recommending someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?
• After a number of years separated I have decided to relinquish up my share of our house to my husband who is re-mortgaging with Melton Mowbray Building Society. Could this transfer of equity be completed in one month?
• My Melton Mowbray Building Society mortgage is in joint names with ex, who has agreed to come off the mortgage and let me have the property. Melton Mowbray Building Society have consented to the transfer of equity to me solely. Will Melton Mowbray Building Society get in touch with my boss to confirm my salary?
• What is the process for having a person removed from the deeds to a house where the mortgage is with Melton Mowbray Building Society
• Is it possible to transfer the equity held in my property with my Melton Mowbray Building Society mortgage?
• In 2011 I purchased a house without my fiance’s name on the title documents. My conveyancer claimed it is because she was not in the loan offer with Melton Mowbray Building Society. Is it possible for me to add her name on the documents at HMLR?

Questions that your conveyancing solicitor may ask in relation to your Melton Mowbray Building Society Transfer of Equity

General Advice to read in conjunction with the above Melton Mowbray Building Society transfer of equity Info :

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 properties

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. 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 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 market value of the property at the time of completion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Melton Mowbray Building Society Mortgage

When it comes to preparing the the Land Registry documents your conveyancer 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 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.