Common questions relating to Melton Mowbray Building Society transfer of equity

• Me and a friend got a joint mortgage with Melton Mowbray Building Society on a flat about a year ago. I am now thinking of buying a house on my own and my friend would like to buy me out. Once we have agreed an amount what happens next? Would there be any potential problem with Melton Mowbray Building Society with him being responsible for the total mortgage as opposed to only half of it?
• Law month I separated from my partner of thirty years. I'm now living with my mum and dad and she wants to stay in the apartment and pay me off. What portion do I get. Is it half of the equity after discharging the Melton Mowbray Building Society home loan? I assume proper valuations are necessary but I really need to be sure that I'm getting what I am entitled to
• What if my application doesn't meet Melton Mowbray Building Society lending criteria for a transfer of equity?
• Is there such a thing a transfer of equity stamp duty calculator?
• I already have a home loan with Melton Mowbray Building Society and am retaining my current mortgaging but applying to have it in my name alone so my ex will be removed from the mortgage. How long do Melton Mowbray Building Society take to process the application?
• What are the average solicitors fees are for a transfer of equity? I need to transfer equity and remortgage - moving over to Melton Mowbray Building Society - and have been quoted £350 excluding VAT by Melton Mowbray Building Society's approved conveyancer, Have I been over quoted?
• I am are seeking to find an affordable conveyancing solicitor to assist in a transfer of equity and refinance with Melton Mowbray Building Society. I I am fearful of appointing the wrong one but with plenty conveyancing practices who do transfer of equity conveyancing out there...who's the best?

Sample of questions in a conveyancer form relating to Melton Mowbray Building Society Transfer of Equity

Information to consider in supporting the above Melton Mowbray Building Society transfer of equity information :

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 Melton Mowbray Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

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 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 lawyer will check with Melton Mowbray 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 Melton Mowbray 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 market value of the property at the time of completion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Melton Mowbray 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 Melton Mowbray 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 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.