Frequently asked questions relating to Barnsley Building Society transfer of equity

• I am looking for a conveyancing solicitor to undertake my transfer of equity. Barnsley Building Society are dealing with the refinancing. I thought of asking my financial adviser. I am lead to believe he may get a referral fee for suggesting a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic flawed?
• Me and my partner jointly own a property in Timperley . Mortgage is with Barnsley Building Society. I want to transfer full ownership to him with no passing of money but without using a lawyer. Is this likely to be straightforward?
• Law week I split up with my wife of thirty years. I'm now living with my mum and dad and she wants to remain in the property and pay me off. What percentage am I entitled to. Is it half of the equity after discharging the mortgage with Barnsley Building Society? I assume proper valuations are necessary but I would like to be confident that I'm getting I am not being taken advantage of
• Am I best advised stop my mortgage payments with Barnsley Building Society once a date for my remortgage and transfer of equity has been agreed?
• What do I do if I am dissatisfied with the lawyer who undertook my transfer of equity conveyancing?
• What legal advice do I need when doing a transfer of equity where the home loan is to remain with Barnsley Building Society?
• My Barnsley Building Society home loan we jointly entered into with ex, he is agreeable to be removed and let me have the property. Barnsley Building Society will permit the transfer of equity to my individual name. Will Barnsley Building Society write my boss to confirm my salary?

Sample of questions in a lawyer form relating to Barnsley Building Society Transfer of Equity

Important warnings 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 premises

If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not complied with 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 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 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 valuation of the property at the conclusion of the transfer of equity transaction.

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 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 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.