Examples of recent questions relating to Bath Building Society transfer of equity
- The financial adviser has suggested using their conveyancing solicitor for the Transfer of Equity plus remortgage with Bath Building Society - Surely it’s better to just instruct them?
- My ex are planning to get a conveyancing solicitor in place for a new mortgage with Bath Building Society. Transfer of Equity conveyancing is also necessaryI have used the different comparison based services and the results are from all over UK. How necessary is it to have a lawyer local to us?
- Bath Building Society yesterday agreed I can take over the mortgage on my home. I had applied for a transfer of equity but is this a transfer of ownership at the Land Registry in addition?
- My wife and myself jointly own a buy to let. I am a higher rate tax payer. Ideally I would like to complete a transfer of equity to her sole name in order mitigate tax on the letting income. Assuming Bath Building Society are fine with this the legal fees are not prohibitive. What are the implications when we sell? As I would no longer be on the deeds would I lose my CGT relief.
- My Bath Building Society mortgage we jointly entered into with ex, he has agreed to be removed and put the house in my name alone. Bath Building Society have consented to the transfer of equity to me solely. Will Bath Building Society contact my company to check my salary?
- I already have a mortgage with Bath Building Society and am keeping my existing mortgaging but seeking to have it in my name only so my former wife will come off the title. How long can it take for the paperwork to be processed?
- My partner and I jointly own a flat in Timperley
. Home loan is with Bath Building Society. I wish to transfer full ownership to him with no passing of money but without using a lawyer. Do you think this should be easy to so?
Sample of information requested in a conveyancer questionnaire concerning a Bath Building Society Transfer of Equity
We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)
Please confirm where you are providing any payment for the Transfer of Equity and to whom and give details of any such sums?
Please give the name(s) and addresse(s) of anyone to be added to the title deeds?
Would you like us to draft you Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?
Please list all persons who occupy the property, their respective ages and relationships to you.
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Information to consider in further to the above Bath Building Society transfer of equity Questions and Answers :
Tax and Legal
There are numerous potential 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, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation 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 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 finalisation of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Bath Building Society your property may be repossessed.
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 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 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.
