Examples of recent questions relating to Barnsley Building Society transfer of equity
- I acquired a flat with a friend in 2010 Since then, we have both got married. We are now looking to do a transfer of equity so my name comes off the Barnsley Building Society mortgage. There is a significant difference between the value the mortgage company hold and what the property would sell for currently. Can you offer any advice?
- Am I best advised cancel my mortgage payments with Barnsley Building Society as soon as a date for my remortgage and transfer of equity has been set?
- What should I be budgeting for when it comes to what conveyancing costs are for a transfer of equity? I need to transfer equity and remortgage - moving over to Barnsley Building Society - and have been quoted Four Hundred pounds excluding VAT by Barnsley Building Society's appointed conveyancing solicitor, Have I been over quoted?
- Online reading suggests that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I need to be transferring equity and simultaneously refinancing with Barnsley Building Society
- I understand we would need at least AP1 and Transfer Deed. Is this true?
- My divorce is through as is the consent order. Now I need to deal with the transfer of equity at the land registry and the Barnsley Building Society home loan. I have called Barnsley Building Society for the transfer of equity application. What do I do now?
- Me and my former fiance and I are searching for an affordable conveyancing solicitor to assist in a transfer of equity and remortgage with Barnsley Building Society. I am aware of the chance of getting ripped off and there's plenty conveyancing practices who do transfer of equity conveyancing out there...who do I opt for?
Sample of questions in a conveyancer form concerning a Barnsley Building Society Transfer of Equity
Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same
Who will be responsible for the costs of the Transfer of Equity?
Please provide a copy of your National Insurance Number?
Has consent been obtained from Barnsley Building Society to the proposed transfer of equity?
Where you 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?
Can you give the details of those who jointly own the property with you?
Information to consider in supplemental the above Barnsley Building Society transfer of equity Questions and Answers :
Tax and Legal
There may be various 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
Should the tenure of your property be 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 trigger 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 conveyancing solicitor 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 transaction.
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 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 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.