LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Monmouthshire Building Society

Sample questions relating to Monmouthshire Building Society transfer of equity

  • Law month I split up with my ex of twenty years. I'm now back with my mum and dad and she wishes to stay in the apartment and pay me off. What portion do I get. Is it 50% of the equity after paying off the Monmouthshire Building Society home loan? I assume proper valuations are required but I would like to be sure that I'm getting I am not being taken advantage of
  • I am in the process of removing a name from a joint mortgage and the Monmouthshire Building Society need me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Dunnington lawyer to deal with the transfer of equity? They need to be on the Monmouthshire Building Society conveyancing panel.
  • Is there such a thing a transfer of equity stamp duty calculator?
  • My financial adviser has suggested using their conveyancing solicitor for the Transfer of Equity plus remortgage with Monmouthshire Building Society - Surely it’s advisable to just instruct them?
  • My ex are looking to get a conveyancer lined up for a new mortgage with Monmouthshire Building Society. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over UK. Is it important to have a lawyer local to us?
  • Last year purchased a flat without my partner's name on the title. My conveyancing solicitor advised it is due to the fact that she is not in the loan offer with Monmouthshire Building Society. Is it possible for me to put her name on the title?
  • My existing home loan is with Monmouthshire Building Society. Can I transfer equity to someone under 18 years old?

Information that may be required from your conveyancing solicitor may ask in relation to your Monmouthshire Building Society Transfer of Equity

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

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

Where you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Is it the case that one of the registered owners passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

Who will be responsible for the costs of the Transfer of Equity?

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Important warnings to consider in conjunction with the above Monmouthshire 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 Monmouthshire Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, the lease may require 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 trigger 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 lawyer will check with Monmouthshire 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 Monmouthshire 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 valuation of the property at finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Monmouthshire Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Monmouthshire 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 Monmouthshire 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 provided 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.


Frequently asked questions relating to Monmouthshire Building Society transfer of equity