LenderPanel.com

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

Top seven questions relating to Monmouthshire Building Society transfer of equity

  • I am considering remortgaging my home in Ampthill does my lawyer need to be on the Monmouthshire Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
  • My partner and I co-own a flat in Wakefield . Home loan is with Monmouthshire Building Society. I want to transfer full ownership to him with no passing of money but without using a lawyer. Is this likely to be simple?
  • How do I go about adding or removing names (transfer of equity) to or from my Monmouthshire Building Society mortgage account?
  • My father passed away last January leaving a unencumbered bungalow to me and my half brother equally. Having continues to reside at the premises, there was a provision in her will specifying that the housecould not be sold for 2 years after her death so he could reside there for a prescribed period. He now wants to remain in the premises beyond the prescribed 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 mortgage in the conventional way to acquire my equity?
  • My current mortgage is with Monmouthshire Building Society. Can I transfer equity to someone under 18 years old?
  • What can I do where I am unhappy with the lawyer who carried out my transfer of equity conveyancing?
  • My former husband are planning to get a conveyancer lined up for a new mortgage with Monmouthshire Building Society. Transfer of Equity conveyancing is also requiredI have used the different rating based tools and the results are from all over England and Wales. Is it important to appoint a conveyancer local to us?

Examples of questions in a lawyer form relating to Monmouthshire Building Society Transfer of Equity

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

Please list all persons who occupy the property, their respective ages and relationships to you.

Please clarify if you are providing any payment for the Transfer of Equity and to whom and notify us any such sums?

Has consent been obtained from Monmouthshire Building Society to the proposed transfer of equity?

Where you are adding someone 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.

Please give the name(s) and addresse(s) of anyone to be added to the title deeds?

Important warnings to consider in supplemental 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 titles

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 terms are not adhered to you may be in violation of your covenants under 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 conveyancing solicitor 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 the conclusion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Monmouthshire Building Society.

Preparing the Transfer of Equity with a Monmouthshire 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 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 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.


Frequently asked questions relating to Monmouthshire Building Society transfer of equity