Frequently asked questions relating to Barnsley Building Society transfer of equity

• My divorce is through as is the consent order. Now I must deal with the transfer of equity at the HMLR and the Barnsley Building Society home loan. I have asked Barnsley Building Society for the transfer of equity application. What do I do now?
• Is it sensible to stop the direct debit for my mortgage with Barnsley Building Society once a date for my remortgage and transfer of equity has been agreed?
• My Barnsley Building Society mortgage we jointly entered into with ex, who has agreed to come off the deeds and let me have the property. Barnsley Building Society will permit the transfer of equity to me solely. Will Barnsley Building Society call my employer to verify my salary?
• In 2013 I purchased a house without my fiance’s name on the deeds. My claimed it is due to the fact that she was not in the mortgage with Barnsley Building Society. I'm wondering is there any way that I can put her name on the deeds?
• As things stand I have a joint Barnsley Building Society mortgage with my step-brother and am looking into the possibility of him assuming responsibility for the whole mortgage and extracting myself from it, to enable me to purchase a property with my soon-to-be-wife. The outstanding mortgage is in the region 175k, and the property value is about 500k. Is this a transfer of equity? Is stamp duty due?
• What is the process for adding or removing names (transfer of equity) to or from my Barnsley Building Society mortgage account?
• I already have a home loan with Barnsley Building Society and am keeping my current mortgaging but applying to have it in my sole name so my ex will come off the mortgage. How long do Barnsley Building Society take to process the application?

Information that may be required from your lawyer could ask about your Barnsley Building Society Transfer of Equity

Important warnings to consider in supplemental the above Barnsley Building Society transfer of equity Info :

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

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of 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 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 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 finalisation 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 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 lawyer 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. Lender Panel.com Ltd will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.