LenderPanel.com

Find a Law Firm approved by
Bath Building Society

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.

Top seven questions relating to Bath Building Society transfer of equity

  • What if my application doesn't meet Bath Building Society lending criteria for a transfer of equity?
  • I recently purchased a apartment without my fiance’s name on the ownership paperwork. My conveyancing solicitor said it is due to the fact that she is not in the loan offer with Bath Building Society. I'm wondering is there any way that I can add her name on the documents at HMLR?
  • Me and my former husband 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 am aware of the risk of getting ripped off but with many conveyancing solicitors who do transfer of equity conveyancing out there...how do I know which one to select?
  • Bath Building Society yesterday agreed I can take over the mortgage on the flat. I previously applied for a transfer of equity but presumably there is a transfer of ownership of the house in addition?
  • My divorce has gone through as is the consent order. Now I have to address the transfer of equity for the property and the Bath Building Society mortgage. I have called Bath Building Society for the transfer of equity forms. What happens next?
  • My current home loan is with Bath Building Society. Can I transfer equity to someone less than 18 years old?
  • My partner and I jointly own a flat in Littleborough . Mortgage is with Bath Building Society. I want to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Is this likely to be simple?

Questions that your conveyancing solicitor could 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

Is there to be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Please provide the details of anyone to be removed from the title deeds?

Have you approached Bath Building Society to obtain consent to the Transfer of Equity

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

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

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

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 properties

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of 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 the conclusion of the transfer of equity transaction.
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 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.

Information contained within 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