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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

  • The mortgage broker has recommended their conveyancer for my Transfer of Equity plus remortgage with Melton Mowbray Building Society - won’t it be easier to just use them?
  • My partner and I co-own a house in Rye . 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 lawyer. Is this likely to be straightforward?
  • I own a property in Friern Barnet , 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 remove my name with hers. The transfer of equity needs to be done by a lawyer for Melton Mowbray Building Society (apparently). In order to save fees can I do the Land Registry change?
  • 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?
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Melton Mowbray Building Society?
  • Will I have to pay any fees for a Transfer of Equity where the current home loan is with Melton Mowbray Building Society?
  • What should I be budgeting for when it comes to what solicitors fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Melton Mowbray Building Society - and have been quoted Three Hundred pounds including VAT by Melton Mowbray Building Society's appointed conveyancing solicitor, Have I been over quoted?

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

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

Please provide the details of anyone to be added to the title deeds?

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.

Please list all persons who occupy the property, their respective ages and relationships to you.

Please give the details of anyone who jointly owns the property with you?

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

Important warnings to consider in further to 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 properties

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made as a result of 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 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 conclusion 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 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 conveyancing solicitor 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.


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