Bath Building Society transfer of equity example support desk enquires

• Me and my partner jointly own a house in Blaenavon . Home loan is with Bath Building Society. I would like to transfer full ownership to him with no passing of money but without using a conveyancer. Is this likely to be simple?
• I am disposing of my equity in apartment in Hendon to my co-owners fiance, they are reapplying to Bath Building Society. We are in heated discussion as to who should pay the fees for the transfer of equity. Should this be shared or is one of us liable for the charges for?
• I currently have a joint Bath Building Society mortgage with my brother and am investigating the feasibility of him assuming responsibility for the whole mortgage and subtracting myself from it, to enable me to buy a property with my partner. The remaining mortgage is in the region 250k, and the property value is about 500k. Is this a transfer of equity? Is stamp duty involved?
• Having been 5 years estranged I have made the decision to transfer my interest in our flat to my husband who is refinancing with Bath Building Society. Could this transfer of equity be completed inside four weeks?
• What should I be budgeting for when it comes to what solicitors charges are for a transfer of equity? I need to transfer equity and refinance - moving over to Bath Building Society - and have been quoted £350 including VAT by Bath Building Society's approved conveyancer, Have I been over quoted?
• I purchased a property with my brother six years ago Since then, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Bath Building Society mortgage. There is a 40k difference between the value the lender say and what the property would sell for currently. Can you offer any advice?
• Can you tell me how to have someone removed off the deeds to a house if the mortgage is with Bath Building Society

Examples of questions in a conveyancer questionnaire concerning a Bath Building Society Transfer of Equity

General Advice to read in supplemental the above Bath Building Society transfer of equity Advice :

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 Bath Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. 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.

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 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 Bath 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 Bath 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 finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a Bath 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 Bath 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 contained within 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.