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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.

Top seven questions relating to Melton Mowbray Building Society transfer of equity

  • I got my Decree Absolute in 2012. Foolishly I never dealt with the change the ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. Melton Mowbray Building Society is content to transfer the full equity in my name (financial checks done). Does my ex need any legal representation?
  • How do I go about adding or removing names (transfer of equity) to or from my Melton Mowbray Building Society mortgage account?
  • Is it possible to apply to borrow a further advance from Melton Mowbray Building Society as part of a Transfer of Equity?
  • Online reading suggests that solicitors are more expensive than conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I am transferring equity and at the same time switching mortgage with Melton Mowbray Building Society
  • My father passed away last March leaving a unencumbered house to me and my step brother in equal shared. He has always lived in the premises, there was a condition in the will saying the propertycould not be sold for 2 years after her passing so he could reside there for a prescribed period. He now says he would like to remain in the house 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 buy my equity?
  • I intend to remortgage my home in Timperley moving from Halifax to Melton Mowbray Building Society. The home is jointly owned but propose for it to be in my sole name when I switch. My wife has verbally consented to this and is willing to sign a form but neither of us want to get a second lawyer involved.
  • How much the typical solicitors charges are for a transfer of equity? I'm in the process of remortgaging - new loan with Melton Mowbray Building Society - and have been quoted £350 including VAT by Melton Mowbray Building Society's appointed conveyancing solicitor, Have I been over quoted?

Information that may be required from your conveyancing solicitor is likely to ask regarding your Melton Mowbray Building Society Transfer of Equity

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?

Please provide a copy of your National Insurance Number?

Please give the details of anyone to be added to the property title?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

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

Is the transfer of equity subject to a court order? If yes please supply a copy

Caveats to be read in supporting 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 premises

If your property is leasehold, 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 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 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 valuation of the property at the time of completion 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 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