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Monmouthshire Building Society

Top seven questions relating to Monmouthshire Building Society transfer of equity

  • I got my Decree Absolute two years ago. Foolishly I never got around to transfer ownership from the current 'joint' status to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Monmouthshire Building Society is happy to transfer the property and loan in my name (financial checks done). Does she need a solicitor?
  • I bought a house with my brother five.seven years ago Since then, we have both got married. We are now looking to do a transfer of equity so my name is taken off the Monmouthshire Building Society mortgage. There is a significant difference between the value the bank hold and what the property would sell for currently. Can you offer any advice?
  • I already have a home loan with Monmouthshire Building Society and am keeping my existing mortgaging but seeking to have have the equity transferred to my sole name so my former wife will be removed from the title. How long do Monmouthshire Building Society take to deal with the application?
  • Have recently separated from my wife of thirty years. I'm now living with my mum and dad and she wishes to stay in the apartment and pay me off. What percentage am I entitled to. Is it half of the equity after discharging the mortgage with Monmouthshire Building Society? I assume proper valuations are required but I would like to be confident that I'm getting I am not being walked over
  • 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 legalities. Can you recommend a reasonably priced Winchelsea lawyer to deal with the transfer of equity? They need to be on the Monmouthshire Building Society conveyancing panel.
  • Can I apply to borrow more money from Monmouthshire Building Society as part of a Transfer of Equity?
  • Do I need legal advice when doing a transfer of equity where the home loan is to remain with Monmouthshire Building Society?

Information that may be required from your conveyancer could ask in relation to your Monmouthshire Building Society Transfer of Equity

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

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

Please give the name(s) and addresse(s) of anyone to be removed from the title deeds?

Please give the details of anyone to be added to the title deeds?

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

Important warnings to consider in conjunction with the above Monmouthshire Building Society transfer of equity Info :

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 properties

Should the tenure of your property be 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 conditions are not complied with you may be in violation 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 the conclusion 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 lawyer 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. 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