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Bath Building Society transfer of equity example support desk enquires

  • Law month I split up with my wife of thirty years. I'm now back with my mum and dad and she wishes to stay in the apartment and pay me off. What portion do I get. Is it half of the equity after discharging the Bath Building Society home loan? I assume proper valuations are necessary but I really need ensure that I'm getting what I am entitled to
  • What can I do where I am not happy with the conveyancer who handled our transfer of equity transaction?
  • My partner and I co-own a flat in Friern Barnet . Mortgage is with Bath Building Society. I would like to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Is this likely to be easy to so?
  • Me and my former partner and I are are seeking to find an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Bath Building Society. I really don't want to get ripped off and there are lots of conveyancing firms who do transfer of equity conveyancing out there...who do I opt for?
  • Can you tell me how to have a person removed off the title documents to a house where the home loan is with Bath Building Society
  • I am planning on removing a name from a joint mortgage and the Bath Building Society require me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Crabtree conveyancer to deal with the transfer of equity? They need to be on the Bath Building Society conveyancing panel.
  • My Bath Building Society mortgage we jointly entered into with ex, who has agreed to be removed and let me have the property. Bath Building Society will permit the transfer of equity to me solely. Do Bath Building Society call my boss to check my salary?

Information that may be required from your conveyancing solicitor is likely to ask about your Bath Building Society Transfer of Equity

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Please provide the details of anyone to be added to the title deeds?

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

Please provide a copy of your National Insurance Number?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

General Advice to read in in addition to the above Bath Building Society transfer of equity Questions and Answers :

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, 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 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 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 varies based 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 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 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.


Frequently asked questions relating to Bath Building Society transfer of equity