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Monmouthshire Building Society

Are you in need of a Transfer of Equity with a Monmouthshire Building Society mortgage? Failing to check that a lawyer is on the Monmouthshire Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Examples of recent questions relating to Monmouthshire Building Society transfer of equity

  • When it comes to transfer of equity conveyancing involving a remortgage with Monmouthshire Building Society should I be charged value added tax 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
  • I am disposing of my share of a house in Woodside to my co-owners fiance, they are sticking with Monmouthshire Building Society being the the existing mortgage company. We are haggling as to who should pay the legal bill for the transfer of equity. Should this be shared or is one of us obliged to cover the charges for?
  • I understand we would need at least AP1 and Transfer Deed. Is this true?
  • Our financial adviser has suggested using their conveyancer for my Transfer of Equity plus remortgage with Monmouthshire Building Society - Surely it’s better to just instruct them?
  • My current mortgage is with Monmouthshire Building Society. Can I transfer equity to someone under eighteen years old?
  • I acquired a house with my cousin five.seven years ago Since then, we have both got married. We are now looking to do a transfer of equity so my name is taken off the Monmouthshire Building Society mortgage. There is a meaningful difference between the value the lender hold and what the property would sell for currently. Can you offer any advice?
  • I got my Decree Absolute in 2011. Foolishly I never got around to 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 property and loan in my name (financial checks done). Does she need a conveyancer?

Questions that your lawyer is likely to ask about your Monmouthshire Building Society Transfer of Equity

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

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

Can you provide the details of anyone who jointly owns the property with you?

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

Please give the name(s) and addresse(s) of anyone to be removed from the property title?

If 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” Form.

General Advice to read in in addition to the above Monmouthshire 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 Monmouthshire Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. 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.

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 is dependent on the market value 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 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.


Frequently asked questions relating to Monmouthshire Building Society transfer of equity