Bath Building Society transfer of equity example support desk enquires

• What are the average conveyancing charges are for a transfer of equity? I need to transfer equity and remortgage - moving over to Bath Building Society - and have been quoted Three Hundred pounds plus VAT by Bath Building Society's approved conveyancing solicitor, Is this is a good price or not?
• At what stage do I cover the costs of stamp duty chargeable for the transfer of equity in my house in my name alone which is taking place at the same time as a remortgage via Bath Building Society?
• What can I do where I am dissatisfied with the lawyer who handled our transfer of equity transaction?
• When it comes to transfer of equity conveyancing involving refinance with Bath Building Society should I be invoiced value added tax 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
• My decree absolute has gone through as is the consent order. Now I have to address the transfer of equity at the HMLR and the Bath Building Society home loan. I have asked Bath Building Society for the transfer of equity forms. What are my next steps?
• My mother passed away last May leaving a unencumbered bungalow to me and my half brother 50:50. He has always lived in the house, there was a provision in her will specifying that the housecould not be sold for 24 months following her passing so he could continue to live there for a prescribed period. He now says he would like to remain in the property beyond the prescribed period. We have discussed a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the conventional way to acquire my share?
• Do I need legal advice when doing a transfer of equity where the home loan is to remain with Bath Building Society?

Examples of questions in a conveyancing solicitor questionnaire relating to Bath Building Society Transfer of Equity

Caveats to be read in conjunction with the above Bath Building Society transfer of equity Advice :

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 properties

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 landlord. If such terms are not adhered to you may be in violation of the lease. This could potentially result in 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 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 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 market value 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 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 conveyancing solicitor 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.