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Monmouthshire Building Society

Questions and answers: Monmouthshire Building Society transfer of equity

  • My former wife are planning to get a conveyancing solicitor in place for a new mortgage with Monmouthshire Building Society. Transfer of Equity conveyancing is also requiredI have used the different rating based services and the results are from all over England and Wales. Is it important to have a conveyancer local to us?
  • After 5 years estranged I have made the decision to give up my interest in our flat to my husband who is re-mortgaging with Monmouthshire Building Society. Could this transfer of equity be done inside 28 days?
  • I am filling out a Monmouthshire Building Society transfer of equity form and have come to the part regarding debts etc. I do some debts that I have been paying off over a long period, in fact they no longer remain my credit score. Do I need to set these out?
  • Me and a friend got a joint mortgage with Monmouthshire Building Society on a apartment about a year ago. I am now looking to get a house by myself and my friend would like to buy me out. On the basis that we can settle on a price what are the next steps? Is there likely to be any problem with Monmouthshire Building Society with him being responsible for the total loan as opposed to only half of it?
  • My Monmouthshire Building Society home loan is in joint names with ex, who has agreed to be removed and let me have the property. Monmouthshire Building Society have consented to the transfer of equity to my individual name. Will Monmouthshire Building Society get in touch with my company to verify my salary?
  • I am in the process of removing a name from a joint mortgage and the Monmouthshire Building Society need me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Sedgefield lawyer to deal with the transfer of equity? They need to be on the Monmouthshire Building Society conveyancing panel.
  • Can I apply to request more money from Monmouthshire Building Society as part of a Transfer of Equity?

Information that may be required from your conveyancing solicitor is likely to ask regarding your Monmouthshire Building Society Transfer of Equity

Would you like us to prepare Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Please give the details of those who jointly own the premises with you?

Please give the details of anyone to be removed from the property title?

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?

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

Information to consider in further 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 require that you have a license to do so from the landlord. If such conditions are not strictly observed you may be in violation of 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 cases, 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 valuation of the property at the time of completion of the transfer of equity conveyancing.
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 conveyancer 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 conveyancer 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