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Bath Building Society

Bath Building Society transfer of equity example support desk enquires

  • My existing home loan is with Bath Building Society. Can I transfer equity to someone less than eighteen years old?
  • I co-own a house in Ampthill , with a Bath Building Society mortgage with my ex partner. Him and his fiance are going to buy me out. We had consent from Bath Building Society to replace my name with hers. The transfer of equity needs to be completed by a conveyancer for Bath Building Society (apparently). Is it possible for us to do the Land Registry change?
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Bath Building Society mortgage account?
  • My Bath Building Society mortgage is in joint names with ex, he has agreed to come off the mortgage and let me have the property. Bath Building Society will permit the transfer of equity to my individual name. Do Bath Building Society write my employer to verify my salary?
  • My dad died last March leaving a mortgage-free bungalow to me and my half brother in equal shared. He has always lived in the premises, there was a clause in her will saying the propertycould not be sold for 24 months following her death so he could reside there for a specified time frame. He now wants to remain in the premises beyond the prescribed period. We have discussed a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the conventional way to purchase my equity?
  • Me and my former fiance and I are searching for an affordable conveyancing lawyer to help me sell in a transfer of equity and remortgage with Bath Building Society. I I am concerned about by bill escalating out of control and there's various conveyancing firms who do transfer of equity conveyancing to pick from...how do I know which to select?
  • I am am in need of a lawyer to undertake my transfer of equity. Bath Building Society have been approached for a remortgage. I considered asking my mortgage broker. I understand he may receive a referral fee for suggesting someone, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Any flaws you see in this way of thinking?

Sample of questions in a lawyer form relating to Bath Building Society Transfer of Equity

Please give the name(s) and addresse(s) of anyone to be extracted from the title deeds?

Would you like us to prepare Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

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

Has consent been obtained from Bath Building Society to the proposed transfer of equity?

Where you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

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 conjunction with 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 titles

Should the tenure of your property be leasehold, provisions in 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 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 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 varies based on the market value of the property at finalisation 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 conveyancer 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.


Frequently asked questions relating to Bath Building Society transfer of equity