Recently asked questions relating to Melton Mowbray Building Society transfer of equity
- As things stand I have a joint Melton Mowbray Building Society mortgage with my step-brother and am looking into the option of him taking on the whole mortgage and subtracting myself from it, to enable me to buy somewhere with my partner. The remaining mortgage is about 300k, and the property value is in the region 600k. Is this a transfer of equity? Is land tax payable?
- Melton Mowbray Building Society yesterday agreed I can take over the mortgage on the house. I had applied for a transfer of equity but presumably there is a transfer of ownership of the house on top?
- In 2012 I bought a property without my fiance’s name on the title. My conveyancer claimed it is due to the fact that she was not in the loan offer with Melton Mowbray Building Society. I'm wondering is there any way that I can put her name on the deeds?
- When it comes to transfer of equity conveyancing involving a remortgage with Melton Mowbray Building Society should I be charged VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- I am searching for an affordable conveyancing solicitor to assist in a transfer of equity and refinance with Melton Mowbray Building Society. I I am fearful of being overcharged but with many conveyancing practices who do transfer of equity conveyancing out there...who's the best?
- What are the average legal 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 Three Hundred pounds excluding VAT by Melton Mowbray Building Society's appointed lawyer, Is this a reasonable price?
- I own a flat in Dunnington
, with a Melton Mowbray Building Society mortgage with my ex husband. He and his new partner are going to buy me out. We had approval 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 deal with the Land Registry formalities?
Questions that your lawyer could ask regarding your Melton Mowbray Building Society Transfer of Equity
Have you approached Melton Mowbray Building Society to seek consent to the Transfer of Equity
Would you like us to draw up a Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?
If you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Please provide a copy of your National Insurance Number?
Can you give the details of anyone who jointly owns the premises with you?
Who will be responsible for the costs of the Transfer of Equity?
Information to consider in further to the above Melton Mowbray Building Society transfer of equity Questions and Answers :
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 have a license to do so from the freeholder. 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 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 varies based on the market value 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 conveyancer 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 contained within 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.