Frequently asked questions relating to Barnsley Building Society transfer of equity
- Barnsley Building Society have today agreed I can take over the home loan on my home. I had applied for a transfer of equity but is this a transfer of ownership of the house in addition?
- Been looking at online blogs that solicitors are more expensive than conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I need to be transferring equity and simultaneously refinancing with Barnsley Building Society
- I am transferring my equity in flat in Birmingham to my co-owners fiance, they are sticking with Barnsley Building Society as the the existing mortgage company. We are haggling as to who should pay the costs of the transfer of equity. Is this usually shared or is one of us liable for the costs of?
- I am planning on removing a name from a joint mortgage and the Barnsley Building Society need me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Blaenavon
conveyancing solicitor to deal with the transfer of equity? They need to be on the Barnsley Building Society conveyancing panel.
- Law week I separated from my ex of 18 years. I'm now living with my parents again and she wants to stay in the apartment 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 required but I really need ensure that I'm getting what I am entitled to
- What is the process for adding or subtracting names (transfer of equity) to or from my Barnsley Building Society mortgage account?
- 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, so as to enable me to purchase a place with my fiance. The outstanding mortgage is in the region 250k, and the property value is about 500k. Is this a transfer of equity? Is land tax payable?
Information that may be required from your conveyancing solicitor could ask about your Barnsley Building Society Transfer of Equity
Please provide a copy of your National Insurance Number?
Is it the case that one of the registered proprietors died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..
Where you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Caveats to be read in conjunction with 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
If your property is leasehold, provisions in the lease may have a requirement for notices to be served and 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.
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 is dependent on the valuation of the property at the conclusion 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.
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.