Common questions relating to Melton Mowbray Building Society transfer of equity
- Me and my partner jointly own a house in Romsey
. Home loan is with Melton Mowbray Building Society. I want to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Is this likely to be straightforward?
- What if my application doesn't meet Melton Mowbray Building Society lending criteria for a transfer of equity?
- I am filling out a Melton Mowbray Building Society transfer of equity application and have come to the questions that asks about debts etc. There are some debts that I have been paying off for a number of years, I understand that they no longer remain my credit score. Am I obliged to disclose these?
- I intend to remortgage my apartment in Rye
changing from Chelsea BS to Melton Mowbray Building Society. The maisonette is currently in joint names but wish for it to be in my name only once I switch. My husband is OK with this and is happy to transfer equity but neither of us want to get a second lawyer involved.
- Is it possible to transfer the equity held in my property with my Melton Mowbray Building Society mortgage?
- Have recently split up with my wife of thirty years. I'm now living with my parents again and she wants to remain in the flat and buy me out. What portion am I entitled to. Is it half of the equity after redeeming the mortgage with Melton Mowbray Building Society? I assume proper valuations are required but I would like ensure that I'm getting I am not being walked over
- My mother died half a year ago leaving a unencumbered semi to me and my brother equally. Having continues to reside at the property, there was a provision in the will saying the propertycould not be sold for three years following her passing so he could remain there for a while. He now wants to remain in the house beyond the specified period. We have discussed a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the traditional way to purchase my half from me?
Sample of information requested in a conveyancing solicitor questionnaire relating to Melton Mowbray Building Society Transfer of Equity
Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same
Please list all persons who occupy the property, their respective ages and relationships to you.
Can you provide the name(s) and addresse(s) of those who jointly own the premises with you?
Is it the case that one of the registered owners passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
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?
Information to consider in in addition to the above Melton Mowbray Building Society transfer of equity information :
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 properties
Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not complied with 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 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 finalisation 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 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.
Information contained within 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.