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Are you in need of a Transfer of Equity with a Bath Building Society mortgage? Failing to check that a lawyer is on the Bath Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Sample questions relating to Bath Building Society transfer of equity

  • My divorce has gone through as is the consent order. Now I need to deal with the transfer of equity on title deeds and the Bath Building Society mortgage. I have called Bath Building Society for the transfer of equity forms. What do I do now?
  • What are the average legal costs are for a transfer of equity? I need to transfer equity and remortgage - new loan with Bath Building Society - and have been quoted £350 including VAT by Bath Building Society's appointed lawyer, Have I been over quoted?
  • Do I need legal advice when doing a transfer of equity where the home loan is to remain with Bath Building Society?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • I am completing a Bath Building Society transfer of equity application and have come to the questions regarding debts etc. There are some debts that I have been discharging over a long period, in fact they no longer remain my credit score. Do I need to set these out?
  • I am looking for a lawyer to handle my transfer of equity. Bath Building Society have been approached for a refinancing. I thought of asking my mortgage broker. I am lead to believe he will likely get a referral fee for suggesting a firm, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Is my logic misguided?
  • My fiance and myself equally own a buy to let. I am a top rate tax payer. Preferably I wish to do a transfer of equity into her name in order reduce our tax on the letting income. If Bath Building Society are content with this the legal fees are inexpensive. However what happens when we dispose of the property? Would my GGT relief be lost.

Sample of information requested in a conveyancer form concerning a Bath Building Society Transfer of Equity

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

Please let us know of you wish us to draft you Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

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

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?

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

Information to consider in supporting the above Bath Building Society transfer of equity information :

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 titles

If your property is leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed 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 valuation of the property at the conclusion of the transfer of equity conveyancing.
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 conveyancer 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 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