Examples of recent questions relating to Melton Mowbray Building Society transfer of equity

• Melton Mowbray Building Society have just agreed I can take over the mortgage on my home. I previously applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry in addition?
• Been reviewing consumer forums that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I need to be transferring equity and simultaneously refinancing with Melton Mowbray Building Society
• I co-own a house in Timperley , with a Melton Mowbray Building Society mortgage with my ex partner. He and his new partner are going to acquire my share. We had approval from Melton Mowbray Building Society to substitute my name with hers. The transfer of equity has to be done by a conveyancer for Melton Mowbray Building Society (supposedly). Can we deal with the Land Registry change?
• My Melton Mowbray Building Society home loan we jointly entered into with ex, he has agreed to come off the mortgage and let me have the property. Melton Mowbray Building Society have consented to the transfer of equity to my individual name. Will Melton Mowbray Building Society write my employer to verify my salary?
• I am in the process of removing a name from a joint mortgage and the Melton Mowbray Building Society require me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Dunnington conveyancer to deal with the transfer of equity? They need to be on the Melton Mowbray Building Society conveyancing panel.
• At what point do I incur stamp duty chargeable for the transfer of equity in my property in my name alone which is happening simultaneously with a remortgage via Melton Mowbray Building Society?
• How do I go about adding or subtracting names (transfer of equity) to or from my Melton Mowbray Building Society mortgage account?

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

General Advice to read in supporting the above Melton Mowbray 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 Melton Mowbray Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of 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 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 conveyancing solicitor 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 varies based on the market value of the property at the conclusion 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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content 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.