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Monmouthshire Building Society

Common questions relating to Monmouthshire Building Society transfer of equity

  • How much the typical legal fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Monmouthshire Building Society - and have been quoted £350 plus VAT by Monmouthshire Building Society's appointed conveyancing solicitor, Have I been over quoted?
  • I am thinking of mortgaging my apartment in Witham does my lawyer need to be on the Monmouthshire Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
  • Will I incur any fees for a Transfer of Equity where the existing home loan is with Monmouthshire Building Society?
  • Is it possible to apply to borrow more money from Monmouthshire Building Society as part of a Transfer of Equity?
  • Law month I separated from my ex of twenty years. I'm now living with my parents again and she wants to remain in the property and pay me off. What portion am I entitled to. Is it 50% of the equity after discharging the Monmouthshire Building Society home loan? I assume proper valuations are necessary but I would like ensure that I'm getting I am not being walked over
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Monmouthshire Building Society?
  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with Monmouthshire Building Society?

Examples of information requested in a conveyancer form concerning a Monmouthshire Building Society Transfer of Equity

Have you approached Monmouthshire Building Society to obtain consent to the Transfer of Equity

Would you like us to draw up a Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

Where you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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

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

Who will be responsible for the costs of the Transfer of Equity?

Information to consider in supplemental 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

If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of 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 varies based on the market value of the property at finalisation 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content 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