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Monmouthshire Building Society

Recently asked questions relating to Monmouthshire Building Society transfer of equity

  • My ex-wife and I are searching for a dependable conveyancing lawyer to help me sell in a transfer of equity and remortgage with Monmouthshire Building Society. I want to avoid being ripped off and there are plenty conveyancing firms who do transfer of equity conveyancing out there...how do I know which one is best appoint?
  • After 3 years apart I have decided to relinquish up my interest in our house to my husband who is re-mortgaging with Monmouthshire Building Society. Can a transfer of equity be completed inside one month?
  • I co-own a house in Timperley , with a Monmouthshire Building Society loan with my former partner. He and his fiance are going to buy me out. We had consent from Monmouthshire Building Society to replace my name with hers. The transfer of equity has to be done by a lawyer for Monmouthshire Building Society (supposedly). In order to save fees can I deal with the Land Registry formalities?
  • I am disposing of my equity in house in Hendon to my co-owners husband, they are reapplying to Monmouthshire Building Society. We are in heated discussion as to who must pay the costs of the transfer of equity. Is this normally shared or is one party obliged to cover the costs of?
  • My wife and myself equally own a investment property. I am a higher rate tax payer. Ideally I would like to complete a transfer of equity to her sole name to mitigate tax on the letting income. Assuming Monmouthshire Building Society are content with this the legal fees are not prohibitive. However what happens when we dispose of the property? Would my GGT relief be lost.
  • I acquired a flat with a friend in 2009 Since then, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Monmouthshire Building Society mortgage. There is a 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • What if my application doesn't meet Monmouthshire Building Society lending criteria for a transfer of equity?

Information that may be required from your lawyer may ask about your Monmouthshire Building Society Transfer of Equity

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

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

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

Would you like us to draw up a Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?

Where you 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?

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

Caveats to be read in supplemental 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 terms are not adhered to 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 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 is dependent on the valuation of the property at finalisation of the transfer of equity transaction.
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 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 conveyancing solicitor 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 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