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Find a Law Firm for your Transfer of Equity approved by
Bath Building Society

Examples of recent questions relating to Bath Building Society transfer of equity

  • Bath Building Society have just agreed I can take over the mortgage on my home. I previously applied for a transfer of equity but presumably there is a transfer of ownership of the house in addition?
  • Our mortgage broker has recommended their conveyancing solicitor for my Transfer of Equity plus remortgage with Bath Building Society - Is it not simpler better to just use them?
  • I am in the process of removing a name from a joint mortgage and the Bath Building Society need me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Friern Barnet conveyancer to deal with the transfer of equity? They need to be on the Bath Building Society conveyancing panel.
  • What is the process for adding or subtracting names (transfer of equity) to or from my Bath Building Society mortgage account?
  • I am hoping to refinance my flat in Timperley switching from Skipton to Bath Building Society. The flat is currently in joint names but I would like it to be in my name only when I remortgage. My wife has verbally consented to this and is happy to transfer equity but neither of us want to get a second conveyancer involved.
  • I jointly own a property in Miles Platting , with a Bath Building Society mortgage with my former husband. He and his fiance are going to acquire my share. We had consent from Bath Building Society to substitute my name with hers. The transfer of equity needs to be completed by a conveyancer for Bath Building Society (supposedly). Can we deal with the Land Registry formalities?
  • Is there such a thing a transfer of equity stamp duty calculator?

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

Please provide a copy of your National Insurance Number?

Can you provide the name(s) and addresse(s) of those who jointly own the premises with you?

Please give the details of anyone to be extracted from the title deeds?

Is it the case that one of the registered proprietors passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Who will be responsible for the costs of the Transfer of Equity?

Is the transfer of equity subject to a court order? If yes please supply a copy

Caveats to be read in further to 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, provisions in the lease may have a requirement for notices to be served and 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 trigger 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 conveyancing solicitor 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 the time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bath Building Society.

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 lawyer 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.


Frequently asked questions relating to Bath Building Society transfer of equity