Examples of recent questions relating to Bath Building Society transfer of equity

• Is stamp duty payable when it comes to an transfer of equity with a mortgage with Bath Building Society?
• Can you tell me how to have someone removed off the title documents to a property where the mortgage is with Bath Building Society
• My ex-wife and I are in the market for an affordable conveyancing solicitor to assist in a transfer of equity and refinance with Bath Building Society. I I am concerned about appointing the wrong one and there's many conveyancing organisations who do transfer of equity conveyancing to pick from...who do I opt for?
• I am transferring my share of a apartment in Woodside to the other co-owners fiance, they are reapplying to Bath Building Society. We are haggling as to who must pay the legal bill for the transfer of equity. Should this be shared or is one of us obliged to cover the legal bill?
• I jointly own a house in Witham , with a Bath Building Society loan with my former husband. 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 has to be done by a lawyer for Bath Building Society (supposedly). Is it possible for us to do the Land Registry formalities?
• I am hoping to refinance my apartment in Witham moving from Nationwide to Bath Building Society. The apartment is currently in joint names but intend for it to be in my name only as and when I transfer. My former partner has verbally consented to this and is willing to sign a form but neither of us want to get a second conveyancer involved.
• My divorce is through as is the consent order. Now I need to address the transfer of equity for the property and the Bath Building Society home loan. I have called Bath Building Society for the transfer of equity application. What are my next steps?

Sample of information requested in a conveyancer questionnaire relating to Bath Building Society Transfer of Equity

Caveats to be read 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 properties

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. 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 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 conveyancing.

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 lawyer 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 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.