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Monmouthshire Building Society

Monmouthshire Building Society transfer of equity example support desk enquires

  • When it comes to transfer of equity conveyancing involving refinance with Monmouthshire Building Society should I be charged value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • I currently have a joint Monmouthshire Building Society mortgage with my cousin and am investigating the possibility of him assuming responsibility for the outstanding mortgage and removing myself from it, so as to enable me to purchase a property with my soon-to-be-wife. The remaining mortgage is approx 250k, and the property value is approx 600k. Is this a transfer of equity? Is land tax due?
  • My decree absolute is through as is the consent order. Now I have to sort out the transfer of equity at the HMLR and the Monmouthshire Building Society home loan. I have called Monmouthshire Building Society for the transfer of equity application. What are my next steps?
  • I am completing a Monmouthshire Building Society transfer of equity application and have arrived at the part concerning debts etc. There are some debts that I have been discharging for a number of years, in fact they no longer remain my credit score. Do I need to disclose these?
  • Law week I split up with my ex of thirty years. I'm now back with my parents again and she wants to stay in the flat and buy me out. What portion do I get. Is it half of the equity after discharging the mortgage with Monmouthshire Building Society? I assume proper valuations are required but I really need to be sure that I'm getting what I am entitled to
  • What can I do where I am not happy with the lawyer who undertook my transfer of equity conveyancing?
  • I intend to refinance my apartment in Winchelsea moving from Chelsea BS to Monmouthshire Building Society. The maisonette is currently in joint names but wish for it to be in my sole name when I transfer. My husband is OK with this and is happy to sign a form but neither of us want to incur lawyer fees.

Examples of information requested in a conveyancing solicitor form relating to Monmouthshire Building Society Transfer of Equity

Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

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

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

Please confirm if you are providing any payment for the Transfer of Equity and to whom and give details of the amount?

Is it the case that one of the registered owners died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

General Advice to read in supporting 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, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in violation of your covenants under 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 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 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 market value of the property at finalisation 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 lawyer 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