Monmouthshire Building Society transfer of equity example support desk enquires
- I own a house in Rye
, with a Monmouthshire Building Society loan with my ex husband. Him and his fiance are going to buy me out. We had the go ahead from Monmouthshire Building Society to remove my name with hers. The transfer of equity needs to be done by a conveyancer for Monmouthshire Building Society (supposedly). Can we do the Land Registry formalities?
- Given that we have been 3 years separated I have made the decision to give up my interest in the flat to my husband who is refinancing with Monmouthshire Building Society. Can a transfer of equity be completed in one month?
- I am answering a Monmouthshire Building Society transfer of equity application and have come to the questions regarding debts etc. I do some debts that I have been discharging for a number of years, in fact they have long since disappeared from my credit score. Do I need to disclose these?
- My ex-partner and I are are looking to find a responsive conveyancing solicitor to assist in a transfer of equity and remortgage with Monmouthshire Building Society. I really don't want to get ripped off and there are plenty conveyancing organisations who do transfer of equity conveyancing to pick from...who's the best?
- Am I best advised cancel the direct debit for my mortgage with Monmouthshire Building Society once a date for my remortgage and transfer of equity has been set?
- My former husband are seeking to get a lawyer lined up for a remortgage with Monmouthshire Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based services and the results are from all over UK. How necessary is it to have a conveyancer local to us?
- I got divorced three years ago. For some reason I never got around to transfer ownership from the current 'joint' status to just in my name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Monmouthshire Building Society is content to transfer the property and loan in my name (financial checks done). Does my ex need any legal representation?
Sample of information requested in a conveyancing solicitor form concerning a Monmouthshire Building Society Transfer of Equity
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Please list all persons who occupy the property, their respective ages and relationships to you.
Have you approached Monmouthshire Building Society to obtain consent to the Transfer of Equity
Has one of the registered owners passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
If 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 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?
General Advice to read in in addition to the above Monmouthshire Building Society transfer of equity Questions and Answers :
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
Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not strictly observed you may be in breach of 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 is dependent on the valuation of the property at finalisation of the transfer of equity transaction.
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 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 conveyancing solicitor 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.
