Recently asked questions relating to Monmouthshire Building Society transfer of equity

• What should I be budgeting for when it comes to what conveyancing costs 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 approved , Have I been over quoted?
• I already have a home loan with Monmouthshire Building Society and am maintaining my current mortgaging but wish to have have the equity transferred to my name alone so my former husband won't be on it any longer. How long can it take for the paperwork to be processed?
• Been reviewing consumer blogs that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I am transferring equity and simultaneously switching mortgage with Monmouthshire Building Society
• My partner and I equally own a BTL. I am a top rate tax payer. Ideally I would like to do a transfer of equity into her name to mitigate tax on the letting income. Assuming Monmouthshire Building Society are content with this the legal fees are not prohibitive. What are the implications when we dispose of the property? As I would no longer be on the title documents would I lose my CGT relief.
• I own a property in Sedgefield , with a Monmouthshire Building Society mortgage with my ex husband. Him and his fiance are going to buy me out. We had approval from Monmouthshire Building Society to substitute my name with hers. The transfer of equity has to be completed by a for Monmouthshire Building Society (apparently). In order to save fees can I deal with the Land Registry change?
• My dad passed away last January leaving a loan-free bungalow to me and my step brother equally. Having continues to reside at the property, there was a clause in her will saying the premisescould not be sold for three years following her death so he could continue to live there for a while. He now says he would like to remain in the house beyond the prescribed period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the traditional way to buy my equity?
• Me and my former husband and I are in the market for an affordable conveyancing solicitor to help me sell in a transfer of equity and remortgage with Monmouthshire Building Society. I want to avoid being ripped off and there's many conveyancing practices who do transfer of equity conveyancing out there...how do I know which is best select?

Questions that your conveyancer may ask in relation to your Monmouthshire Building Society Transfer of Equity

Important warnings to consider in supporting 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 premises

If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with 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 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 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 conveyancing.

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 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 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. Lender Panel.com Ltd will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.