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Barnsley Building Society

Sample questions relating to Barnsley Building Society transfer of equity

  • What are my options where I am not happy with the conveyancing solicitor who did our transfer of equity transaction?
  • I am trying to find a conveyancing solicitor to handle my transfer of equity. Barnsley Building Society have been approached for a remortgage. I considered asking my financial adviser. I am lead to believe he may get a kickback for recommending a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?
  • I own a flat in Timperley , with a Barnsley Building Society loan with my former husband. He and his fiance are going to acquire my share. We had the go ahead from Barnsley Building Society to remove my name with hers. The transfer of equity needs to be done by a conveyancer for Barnsley Building Society (apparently). In order to save fees can I deal with the Land Registry formalities?
  • I am planning on removing a name from a joint mortgage and the Barnsley Building Society require me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Romsey lawyer to deal with the transfer of equity? They need to be on the Barnsley Building Society conveyancing panel.
  • Am I best advised cancel the direct debit for my mortgage with Barnsley Building Society as soon as a date for my remortgage and transfer of equity has been agreed?
  • After 3 years apart I have opted to transfer my interest in our house to my husband who is re-mortgaging with Barnsley Building Society. Can a transfer of equity be completed inside 28 days?
  • My Barnsley Building Society mortgage is in joint names with ex, he has agreed to come off the deeds and let me have the property. Barnsley Building Society have consented to the transfer of equity to me solely. Will Barnsley Building Society call my employer to verify my salary?

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

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

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Is it the case that one of the registered proprietors died? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

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

Information to consider in supporting the above Barnsley Building Society transfer of equity Questions and Answers :

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 properties

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of 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 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 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 is dependent on the market value of the property at finalisation of the transfer of equity conveyancing.
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 conveyancer 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