Melton Mowbray Building Society transfer of equity example support desk enquires
- I own a house in Heathfield
, with a Melton Mowbray Building Society mortgage with my former husband. He and his new partner are going to acquire my share. We had consent from Melton Mowbray Building Society to remove my name with hers. The transfer of equity has to be done by a conveyancing solicitor for Melton Mowbray Building Society (apparently). Can we 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 agreed?
- My decree absolute is through as is the consent order. Now I have to address the transfer of equity for the property and the Melton Mowbray Building Society home loan. I have asked Melton Mowbray Building Society for the transfer of equity application. What are my next steps?
- How do I go about adding or removing names (transfer of equity) to or from my Melton Mowbray Building Society mortgage account?
- I am in the process of mortgaging my property in Heathfield
does my lawyer need to be on the Melton Mowbray Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
- I already have a home loan with Melton Mowbray Building Society and am maintaining my current mortgaging but wish to have it in my sole name so my ex will come off the title. How long can it take for the paperwork to be processed?
- My mother died seven months ago leaving a mortgage-free house to me and my half brother 50:50. He has always lived in the premises, there was a clause in her will specifying that the premisescould not be sold for 24 months after her death so he could remain there for a specified time frame. He now wishes to remain in the premises beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a mortgage in the conventional way to purchase my half from me?
Sample of information requested in a lawyer form relating to Melton Mowbray Building Society Transfer of Equity
Please provide the name(s) and addresse(s) of anyone to be removed from the title deeds?
Can you provide the details of anyone who jointly owns the premises with you?
Where you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?
Have you approached Melton Mowbray Building Society to seek consent to the Transfer of Equity
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?
Information to consider in further to the above Melton Mowbray Building Society transfer of equity Questions and Answers :
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 titles
If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.
If the transfer of equity is made pursuant to 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 is dependent on the market value of the property at the conclusion of the transfer of equity transaction.
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 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.