Recently asked questions relating to Monmouthshire Building Society transfer of equity
- How much the typical solicitors charges are for a transfer of equity? I need to transfer equity and refinance - moving over to Monmouthshire Building Society - and have been quoted £250 plus VAT by Monmouthshire Building Society's appointed conveyancer, Have I been over quoted?
- Is there such a thing a transfer of equity stamp duty calculator?
- Me and a friend got a joint mortgage with Monmouthshire Building Society on a house in 2013. I am now looking to get a apartment on my own and my friend would like to buy me out. Once we have agreed a figure where do we go? Would there be any potential concerns with Monmouthshire Building Society with him being on the hook for the total mortgage as opposed to only part of it?
- 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 if I am transferring equity and simultaneously remortgaging with Monmouthshire Building Society
- I am considering mortgaging my apartment in Blaenavon
does my lawyer need to be on the Monmouthshire Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
- I purchased a house with my brother in 2008 Since buying the property, we have both got married. We are now intending to do a transfer of equity so my name is taken off the Monmouthshire Building Society mortgage. There is a 40k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
- I own a house in Dunnington
, with a Monmouthshire Building Society loan with my former husband. Him and his new partner are going to buy me out. We had the go ahead from Monmouthshire Building Society to substitute my name with hers. The transfer of equity has to be done by a conveyancing solicitor for Monmouthshire Building Society (apparently). In order to save fees can I do the Land Registry formalities?
Examples of information requested in a conveyancer form relating to Monmouthshire Building Society Transfer of Equity
Who will be responsible for the costs of the Transfer of Equity?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?
Has one of the registered proprietors passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..
If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Please provide the name(s) and addresse(s) of anyone to be extracted from the property title?
Important warnings to consider in supporting 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, provisions in the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach 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 as a result of 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 varies based on the valuation of the property at the time of completion 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 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 conveyancing solicitor 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.