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Are you in need of a Transfer of Equity with a Barnsley Building Society (Yorkshire Building Society) mortgage? Failing to check that a lawyer is on the Barnsley Building Society (Yorkshire Building Society) list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Barnsley Building Society transfer of equity example support desk enquires

  • When it comes to transfer of equity conveyancing involving refinance with Barnsley Building Society should I be invoiced value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • As things stand I have a joint Barnsley Building Society mortgage with my step-brother and am investigating the possibility of him assuming responsibility for the whole mortgage and extracting myself from it, so as to enable me to buy a property with my partner. The remaining mortgage is in the region 300k, and the property value is about 600k. Is this a transfer of equity? Is land tax involved?
  • I recently bought a apartment without my fiance’s name on the ownership paperwork. My conveyancing solicitor advised it is because she is not in the mortgage with Barnsley Building Society. Is it possible for me to add her name on the deeds?
  • How and when do I pay the Stamp Duty Land Tax payable for the transfer of equity in my house in my sole name which is happening simultaneously with a remortgage via Barnsley Building Society?
  • Is it possible to apply to request more money from Barnsley Building Society as part of a Transfer of Equity?
  • I already have a mortgage with Barnsley Building Society and am keeping my existing mortgaging but seeking to have have the equity transferred to my sole name so my ex will be removed from the deeds. How long can it take for the paperwork to be processed?
  • Barnsley Building Society have just agreed I can take over the mortgage on the flat. I had applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds on top?

Sample of questions in a lawyer form concerning a Barnsley Building Society Transfer of Equity

We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Has one of the registered owners passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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?

If 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.

General Advice to read in supporting 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 titles

If your property is leasehold, the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to 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 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 is dependent on the market value of the property at finalisation 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 conveyancing solicitor 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 conveyancing solicitor 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.


Frequently asked questions relating to Barnsley Building Society transfer of equity