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Monmouthshire Building Society transfer of equity example support desk enquires

  • My father passed away last March leaving a loan-free property to me and my brother 50:50. He has always lived in the house, there was a condition in the will saying the propertycould not be sold for 24 months after her death so he could reside there for a prescribed period. He now wishes to remain in the house beyond the prescribed period. We have considered a transfer of equity. Am I right in saying we'd get a valuation then he'd get a home loan in the usual way to buy my share?
  • Can I transfer the equity held in my property with my Monmouthshire Building Society mortgage?
  • My former wife are seeking to get a conveyancer in place for a new mortgage with Monmouthshire Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based tools and the results are from all over the country. Is it important to appoint a lawyer local to us?
  • My brother and I got a joint mortgage with Monmouthshire Building Society on a flat a couple of years ago. I am now looking to get a flat on my own and my friend would like to buy me out. On the basis that we can settle on an amount what happens next? Would there be any potential problem with Monmouthshire Building Society with him being responsible for the total loan rather than only part of it?
  • My partner and myself equally own a BTL. I am a higher rate tax payer. Ideally I wish to do a transfer of equity into her name with a view to mitigate tax on rental income. If Monmouthshire Building Society are fine with this the legal fees are inexpensive. However what happens when we sell? As I would no longer be on the deeds would I lose my CGT relief.
  • Online research suggests that solicitors are more expensive than conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I am transferring equity and simultaneously remortgaging with Monmouthshire Building Society
  • My partner and I co-own a property in Timperley . Mortgage is with Monmouthshire Building Society. I would like to transfer full ownership to him with no exchange of money but without using a conveyancer. Is this likely to be straightforward?

Sample of information requested in a conveyancing solicitor form concerning a Monmouthshire Building Society Transfer of Equity

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

Please give the details of anyone who jointly owns the premises with you?

Please provide a copy of your National Insurance Number?

Please inform us where you are providing any payment for the Transfer of Equity and to whom and specify the amount?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

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

General Advice to read in further to 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 properties

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 landlord. If such conditions are not complied with you may be in violation 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 pursuant to 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 conveyancer 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 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 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