Recently asked questions relating to Bath Building Society transfer of equity

• My Bath Building Society home loan is in joint names with ex, he is agreeable to come off the mortgage and let me have the property. Bath Building Society have consented to the transfer of equity to me solely. Do Bath Building Society contact my company to check my salary?
• In 2009 I bought a apartment without my partner's name on the title documents. My conveyancer said it is due to the fact that she was not in the loan offer with Bath Building Society. Is it possible for me to put her name on the title?
• I am mortgaging my flat in Ampthill does my lawyer need to be on the Bath Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
• I am filling out a Bath Building Society transfer of equity form and have come to the questions regarding defaults etc. I do some debts that I have been paying off for a number of years, in fact they have long since disappeared from my credit score. Do I need to set these out?
• When it comes to transfer of equity conveyancing involving a remortgage with Bath Building Society should I be charged VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• Bath Building Society yesterday agreed I can take over the home loan on the house. I have applied for a transfer of equity but is this a transfer of ownership at HMLR as well?
• My partner and I jointly own a house in Blaenavon . Mortgage is with Bath Building Society. I would like to transfer full ownership to him with no payment of money but without using a conveyancer. Is this likely to be simple?

Information that may be required from your lawyer is likely to ask regarding your Bath Building Society Transfer of Equity

Caveats to be read in further to the above Bath Building Society transfer of equity Info :

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

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not complied with you may be in violation 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 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 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 varies based on the market value of the property at the time of completion 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 lawyer 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content 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.