Top seven questions relating to Barnsley Building Society transfer of equity
- I got divorced four years ago. For some reason I never dealt with the change the ownership from the current 'joint' status to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Barnsley Building Society is willing to transfer the property and loan in my name (affordability checks done). Does she need any legal representation?
- Can you tell me how to have someone removed from the title documents to a property where the mortgage is with Barnsley Building Society
- How and when do I incur the Stamp Duty Land Tax payable for the transfer of equity in my house in my sole name which is taking place simultaneously with a refinancing via Barnsley Building Society?
- I am in the process of removing a name from a joint mortgage and the Barnsley Building Society need me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Wakefield
conveyancing solicitor to deal with the transfer of equity? They need to be on the Barnsley Building Society conveyancing panel.
- My existing home loan is with Barnsley Building Society. Can I transfer equity to someone who is not yet eighteen years old?
- Can I transfer the equity held in my property with my Barnsley Building Society mortgage?
- Law week I separated from my ex of twenty years. I'm now living with my mum and dad and she wishes to remain in the property and buy me out. What percentage am I entitled to. Is it 50% of the equity after paying off the Barnsley Building Society home loan? I assume proper valuations are necessary but I really need to be sure that I'm getting the best deal
Information that may be required from your lawyer could ask about your Barnsley Building Society Transfer of Equity
Please provide the name(s) and addresse(s) of anyone to be removed from the title deeds?
Have you approached Barnsley Building Society to obtain consent to the Transfer of Equity
Please give the details of those who jointly own the premises with you?
Is the transfer of equity subject to a court order? If yes please supply a copy
Please provide a copy of your National Insurance Number?
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Information to consider in further to 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 breach of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 conveyancer 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 market value of the property at finalisation 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 conveyancer 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 conveyancing solicitor 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 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.