Melton Mowbray Building Society transfer of equity: q and a’s
- Me and a friend got a joint mortgage with Melton Mowbray Building Society on a apartment in 2013. I am now looking to get a property on my own and my friend would like to buy me out. Assuming we can agree an amount what happens next? Is there likely to be any problem with Melton Mowbray Building Society with him being solely liable for the total loan rather than only part of it?
- My Melton Mowbray Building Society mortgage is in joint names with ex, he is agreeable to be removed and let me have the property. Melton Mowbray Building Society will permit the transfer of equity to me solely. Do Melton Mowbray Building Society get in touch with my boss to confirm my salary?
- My ex-fiance and I are are looking to find an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Melton Mowbray Building Society. I want to avoid being ripped off and there's many conveyancing firms who do transfer of equity conveyancing to choose from...who's the best?
- I already have a home loan with Melton Mowbray Building Society and am keeping my existing mortgaging but seeking to have have the equity transferred to my name only so my ex will come off the deeds. How long does the whole transfer of equity process take?
- Having been a number of years separated I have made the decision to give up my interest in the former home to my husband who is refinancing with Melton Mowbray Building Society. Can a transfer of equity be done in less than four weeks?
- Law week I split up with my partner of thirty years. I'm now back with my mum and dad and she wishes to remain in the flat and pay me off. What percentage am I entitled to. Is it half of the equity after redeeming the mortgage with Melton Mowbray Building Society? I assume proper valuations are necessary but I would like ensure that I'm getting I am not being walked over
- I am trying to find a conveyancing solicitor to handle my transfer of equity. Melton Mowbray Building Society have been approached for a refinancing. I thought of asking my mortgage broker. I understand he will likely receive a referral fee for recommending someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Any flaws you see in this way of thinking?
Examples of questions in a lawyer questionnaire relating to Melton Mowbray Building Society Transfer of Equity
Have you approached Melton Mowbray Building Society to obtain consent to the Transfer of Equity
Please provide a copy of your National Insurance Number?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Please confirm if you are making any payment for the Transfer of Equity and to whom and disclose any such sums?
Is the transfer of equity subject to a court order? If yes please supply a copy
Where you 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?
Important warnings to consider in further to the above Melton Mowbray Building Society transfer of equity Advice :
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, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to 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 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 time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Melton Mowbray Building Society your property may be repossessed.
Preparing the Transfer of Equity with a Melton Mowbray Building Society Mortgage
When it comes to preparing the the Land Registry documents your lawyer 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 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.
