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Barnsley Building Society transfer of equity: q and a’s

  • What do I need to do when it comes adding or removing names (transfer of equity) to or from my Barnsley Building Society mortgage account?
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Barnsley Building Society?
  • I am completing a Barnsley Building Society transfer of equity form and have arrived at the part that asks about defaults etc. There are some debts that I have been clearing for a number of years, I understand that they have long since disappeared from my credit records. Am I obliged to set these out?
  • At what stage do I pay stamp duty due for the transfer of equity in my home in my name alone which is happening at the same time as a refinancing via Barnsley Building Society?
  • Me and my partner jointly own a house in Friern Barnet . Home loan is with Barnsley Building Society. I wish to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be easy to so?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Barnsley Building Society?
  • I already have a home loan with Barnsley Building Society and am maintaining my existing mortgaging but seeking to have have the equity transferred to my name alone so my ex will no longer be on the mortgage. How long can it take for the forms to be processed?

Examples of information requested in a lawyer form relating to Barnsley Building Society Transfer of Equity

Has one of the registered proprietors died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Please confirm where you are making any payment for the Transfer of Equity and to whom and give details of the amount?

Please list all persons who occupy the property, their respective ages and relationships to you.

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Has consent been obtained from Barnsley Building Society to the proposed transfer of equity?

Please provide the details of anyone to be added to the title deeds?

Important warnings to consider in further to the above Barnsley Building Society transfer of equity information :

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

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such conditions are not strictly observed 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 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 the time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Barnsley Building Society your property may be repossessed.

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 lawyer 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