Examples of recent questions relating to Barnsley Building Society transfer of equity

• The financial adviser has suggested using their lawyer for my Transfer of Equity plus remortgage with Barnsley Building Society - Is it not simpler easier to just instruct them?
• What can I do where I am not happy with the conveyancing solicitor who carried out our transfer of equity conveyancing?
• My Barnsley Building Society mortgage we jointly entered into with ex, who has agreed to be removed and let me have the property. Barnsley Building Society have consented to the transfer of equity to me solely. Will Barnsley Building Society get in touch with my company to confirm my salary?
• After 5 years apart I have made the decision to relinquish up my share of the flat to my husband who is re-mortgaging with Barnsley Building Society. Could this transfer of equity be done in 28 days?
• Me and my partner co-own a house in Sedgefield . Mortgage is with Barnsley Building Society. I would like to transfer full ownership to him with no passing of money but without using a conveyancer. Do you think this should be straightforward?
• I co-own a property in Ampthill , with a Barnsley Building Society loan with my ex partner. He and his new partner are going to buy me out. We had the go ahead from Barnsley Building Society to replace my name with hers. The transfer of equity needs to be completed by a lawyer for Barnsley Building Society (apparently). Is it possible for us to do the Land Registry change?
• Can you tell me how to have someone removed off the title documents to a property if the mortgage is with Barnsley Building Society

Sample of information requested in a conveyancing solicitor form concerning a Barnsley Building Society Transfer of Equity

Important warnings to consider in conjunction with the above Barnsley 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 Barnsley Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such terms are not adhered to 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 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 conclusion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Barnsley Building Society Mortgage

When it comes to preparing the the Land Registry documents your lawyer 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 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.