LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Barnsley Building Society

Barnsley Building Society transfer of equity example support desk enquires

  • I already have a mortgage with Barnsley Building Society and am keeping my current mortgaging but seeking to have it in my name only so my ex will come off the deeds. How long does the whole transfer of equity process take?
  • My wife and myself jointly own a buy to let. I am a higher rate tax payer. Preferably I wish to complete a transfer of equity into her name with a view to reduce our tax on the letting income. Assuming Barnsley Building Society are happy with this the legal fees are not prohibitive. However what happens when we sell? As I would no longer be on the deeds am I giving up my CGT relief.
  • I am in the process of removing a name from a joint mortgage and the Barnsley Building Society require me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Dunnington lawyer to deal with the transfer of equity? They need to be on the Barnsley Building Society conveyancing panel.
  • What is the process for adding or removing names (transfer of equity) to or from my Barnsley Building Society mortgage account?
  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with Barnsley Building Society?
  • The financial adviser has recommended their conveyancing solicitor for my Transfer of Equity plus remortgage with Barnsley Building Society - won’t it be easier to just use them?
  • Will I have to pay any charges for a Transfer of Equity where the existing mortgage is with Barnsley Building Society?

Information that may be required from your conveyancing solicitor may ask in relation to your Barnsley Building Society Transfer of Equity

Please provide a copy of your National Insurance Number?

Please provide the details of anyone to be removed from the property title?

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?

Who will be responsible for the costs of the Transfer of Equity?

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

Would you like us to draft you Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

Caveats to be read in in addition to the above Barnsley 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 Barnsley 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 restrictions are not strictly observed 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 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 lawyer will check with Barnsley 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 Barnsley 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 valuation of the property at the time of completion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Barnsley Building Society.

Preparing the Transfer of Equity with a Barnsley 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 Barnsley 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 lawyer 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 Barnsley Building Society transfer of equity