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Find a Law Firm for your Transfer of Equity approved by
Melton Mowbray Building Society

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

  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with Melton Mowbray Building Society?
  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
  • My mortgage broker has suggested using their lawyer for the Transfer of Equity plus remortgage with Melton Mowbray Building Society - Is it not simpler better to just instruct them?
  • Can I transfer the equity held in my property with my Melton Mowbray Building Society home loan?
  • Law month I split up with my ex of twenty years. I'm now back with my parents again and she wishes to remain in the apartment and pay me off. What portion do I get. Is it 50% of the equity after redeeming the mortgage with Melton Mowbray Building Society? I assume proper valuations are required but I would like to be confident that I'm getting what I am entitled to
  • My Melton Mowbray Building Society home loan we jointly entered into with ex, he is agreeable to come off the mortgage and let me have the property. Melton Mowbray Building Society will permit the transfer of equity to my individual name. Do Melton Mowbray Building Society write my boss to confirm my salary?
  • How much the typical legal fees are for a transfer of equity? I need to transfer equity and remortgage - moving over to Melton Mowbray Building Society - and have been quoted £250 excluding VAT by Melton Mowbray Building Society's appointed lawyer, Have I been over quoted?

Sample of information requested in a lawyer questionnaire relating to Melton Mowbray Building Society Transfer of Equity

Has one of the registered proprietors died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

Please provide a copy of your National Insurance Number?

Where you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

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

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

Information to consider in further to the above Melton Mowbray Building Society transfer of equity Questions and Answers :

Tax and Legal

There are numerous potential 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, the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed you may be in violation of the lease. This could trigger 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 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 is dependent on the valuation 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 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 conveyancing solicitor 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 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.


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