Top seven questions relating to Monmouthshire Building Society transfer of equity
- When it comes to transfer of equity conveyancing involving refinance with Monmouthshire Building Society should I be paying VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- Will I have to pay any fees for a Transfer of Equity where the existing mortgage is with Monmouthshire Building Society?
- I plan to refinance my apartment in Friern Barnet
switching from Chelsea BS to Monmouthshire Building Society. The maisonette is jointly owned but propose for it to be in my sole name as and when I remortgage. My husband is OK with this and is willing to sign a form but neither of us want to get a second conveyancing solicitor involved.
- My brother and I got a joint mortgage with Monmouthshire Building Society on a property a couple of years ago. I am now looking to get a flat on my own and my friend would like to buy me out. On the basis that we can settle on an amount what happens next? Would there be any potential issue with Monmouthshire Building Society with him being solely liable for the total loan as opposed to only half of it?
- I got my Decree Absolute three years ago. For some reason I never dealt with the change the ownership from the current 'joint' status to just in my name. I am ready to do that and so is she. Transfer-of-equity is needed. Monmouthshire Building Society is willing to transfer the full equity in my name (financial checks done). Does my ex need any legal representation?
- I am in the market for a dependable conveyancing solicitor to assist in a transfer of equity and refinance with Monmouthshire Building Society. I really don't want to get ripped off and there's so many conveyancing firms who do transfer of equity conveyancing to choose from...who's the best?
- Online reading 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 where I need to be transferring equity and at the same time refinancing with Monmouthshire Building Society
Information that may be required from your lawyer could ask about your Monmouthshire Building Society Transfer of Equity
Has one of the registered proprietors died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..
Please provide a copy of your National Insurance Number?
Please provide the details of anyone to be added to the title deeds?
Would you like us to draft you Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?
Please provide the details of anyone who jointly owns the property with you?
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?
Important warnings to consider in supporting the above Monmouthshire Building Society transfer of equity information :
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 properties
Should the tenure of your property be leasehold, provisions in 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 the lease. This could trigger 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 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 conveyancer 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 is dependent 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 conveyancer 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.
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.