Common questions relating to Melton Mowbray Building Society transfer of equity

• I jointly own a property in Rye , with a Melton Mowbray Building Society mortgage with my ex partner. He and his fiance are going to acquire my share. We had the go ahead from Melton Mowbray Building Society to remove my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Melton Mowbray Building Society (supposedly). Can we do the Land Registry change?
• At what point do I incur the Stamp Duty Land Tax chargeable for the transfer of equity in my house in my sole name which is taking place at the same time as a refinancing via Melton Mowbray Building Society?
• I am filling out a Melton Mowbray Building Society transfer of equity request and have arrived at the part that asks about defaults etc. There are some debts that I have been paying off over a long period, I understand that they no longer remain my credit records. Must I declare these?
• Online research suggests that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I need to be transferring equity and at the same time remortgaging with Melton Mowbray Building Society
• Can I apply to borrow a further advance from Melton Mowbray Building Society as part of a Transfer of Equity?
• My divorce is through as is the consent order. Now I need to deal with the transfer of equity at the land registry and the Melton Mowbray Building Society home loan. I have called Melton Mowbray Building Society for the transfer of equity forms. What do I do now?
• I understand we would need at least AP1 and Transfer Deed. Is this true?

Examples of questions in a lawyer questionnaire concerning a Melton Mowbray Building Society Transfer of Equity

Important warnings to consider in supporting 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 premises

If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not complied with you may be in violation 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 valuation of the property at finalisation of the transfer of equity transaction.

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 conveyancing solicitor 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 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.