Recently asked questions relating to Monmouthshire Building Society transfer of equity

• How much the typical legal fees are for a transfer of equity? I need to transfer equity and refinance - moving over to Monmouthshire Building Society - and have been quoted £350 including VAT by Monmouthshire Building Society's approved lawyer, Have I been over quoted?
• I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
• Having been four years estranged I have made the decision to transfer my share of our flat to my husband who is re-mortgaging with Monmouthshire Building Society. Could this transfer of equity be completed in less than 28 days?
• I am thinking of refinancing my apartment in Crabtree does my lawyer have to be on the Monmouthshire Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
• My former wife are planning to get a conveyancing solicitor in place for a refinance with Monmouthshire Building Society. Transfer of Equity conveyancing is also necessaryI have used the different comparison based services and the results are from all over UK. Is it important to have a conveyancer local to us?
• Last year bought a flat without my partner's name on the deeds. My conveyancer advised it is due to the fact that she is not in the loan offer with Monmouthshire Building Society. Is it possible for me to add her name on the title?
• My divorce has gone through as is the consent order. Now I have to sort out the transfer of equity for the property and the Monmouthshire Building Society home loan. I have asked Monmouthshire Building Society for the transfer of equity forms. What do I do now?

Information that may be required from your conveyancing solicitor is likely to ask about your Monmouthshire Building Society Transfer of Equity

Information to consider in further to the above Monmouthshire Building Society transfer of equity Advice :

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 premises

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 breach 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 lawyer 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 the time of completion of the transfer of equity conveyancing.

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 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.