Recently asked questions relating to Barnsley Building Society transfer of equity

• My Barnsley Building Society home loan we jointly entered into with ex, who has agreed to come off the deeds and put the house in my name alone. Barnsley Building Society will permit the transfer of equity to my individual name. Do Barnsley Building Society write my company to check my salary?
• After 3 years estranged I have decided to give up my interest in the apartment to my husband who is refinancing with Barnsley Building Society. Could this transfer of equity be completed in less than 28 days?
• Our mortgage broker has suggested using their conveyancer for my Transfer of Equity plus remortgage with Barnsley Building Society - won’t it be advisable to just use them?
• What do I do if I am not happy with the conveyancing solicitor who handled our transfer of equity conveyancing?
• How and when do I cover the costs of the Stamp Duty Land Tax payable for the transfer of equity in my house in my name alone which is happening at the same time as a remortgage via Barnsley Building Society?
• I am transferring my equity in house in Woodside to the other co-owners fiance, they are reapplying to Barnsley Building Society. We are haggling as to who should pay the fees for the transfer of equity. Is this usually shared or is one of us liable for the legal bill?
• My partner and I co-own a house in Romsey . Mortgage is with Barnsley Building Society. I want to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Is this likely to be easy to so?

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

Caveats to be read 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 properties

If your property is leasehold, the lease may have a requirement for notices to be served and 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 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 the conclusion 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 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 contained within 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.