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Monmouthshire Building Society

Top seven questions relating to Monmouthshire Building Society transfer of equity

  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Monmouthshire Building Society?
  • I am planning on removing a name from a joint mortgage and the Monmouthshire Building Society require me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Winchelsea conveyancing solicitor to deal with the transfer of equity? They need to be on the Monmouthshire Building Society conveyancing panel.
  • My ex are looking to get a conveyancer in place for a refinance 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 the country. Do we need to have a conveyancer local to us?
  • Will I incur any charges for a Transfer of Equity where the current home loan is with Monmouthshire Building Society?
  • I am filling out a Monmouthshire Building Society transfer of equity application and have come to the part that asks about debts etc. There are some debts that I have been paying off over a long period, in fact they no longer remain my credit records. Do I need to declare these?
  • Two years ago I bought a apartment without my fiance’s name on the title documents. My lawyer said it is because she was not in the loan offer with Monmouthshire Building Society. I'm wondering is there any way that I can put her name on the documents at HM Land Registry?
  • I plan to remortgage my apartment in Miles Platting moving from Chelsea BS to Monmouthshire Building Society. The flat is jointly owned but intend for it to be in my name only as and when I transfer. My former partner is OK with this and is happy to sign a form but neither of us want to get a second conveyancer involved.

Questions that your lawyer could ask in relation to your Monmouthshire Building Society Transfer of Equity

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

Has one of the registered proprietors died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

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

Please give the name(s) and addresse(s) of those who jointly own the property with you?

If 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.

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

Important warnings to consider in supplemental the above Monmouthshire Building Society transfer of equity information :

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, provisions in 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 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 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.
If you do not keep up the payments on your mortgage with Monmouthshire Building Society your property may be repossessed.

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 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 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