Recently asked questions relating to Monmouthshire Building Society transfer of equity

• I am completing a Monmouthshire Building Society transfer of equity request and have arrived at the part regarding defaults etc. I do some debts that I have been clearing since 2007, I understand that they have long since disappeared from my credit score. Do I need to set these out?
• I am in the process of removing a name from a joint mortgage and the Monmouthshire Building Society require me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Blaenavon conveyancing solicitor 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?
• Me and my former wife and I are searching for a value for money conveyancing solicitor to help me sell in a transfer of equity and refinance with Monmouthshire Building Society. I I am fearful of by bill escalating out of control and there are lots of conveyancing practices who do transfer of equity conveyancing out there...who's the best?
• I got divorced in 2010. I simply never dealt with the transfer 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 happy to transfer the property and loan in my name (financial checks done). Does she need a solicitor?
• How and when do I incur the Stamp Duty Land Tax payable for the transfer of equity in my property in my sole name which is taking place at the same time as a switching mortgage via Monmouthshire Building Society?
• Given that we have been 5 years apart I have decided to relinquish up my share of the property to my husband who is refinancing with Monmouthshire Building Society. Could this transfer of equity be done inside four weeks?

Sample of questions in a lawyer form concerning a Monmouthshire Building Society Transfer of Equity

Caveats to be read in further to the above Monmouthshire Building Society transfer of equity Questions and Answers :

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 titles

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 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.

Indemnity Insurance

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 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 varies based on the valuation of the property at the time of completion of the transfer of equity conveyancing.

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 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.