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Bath Building Society

Bath Building Society transfer of equity example support desk enquires

  • What do I do if I am not happy with the conveyancing solicitor who undertook our transfer of equity transaction?
  • What is the process for having someone removed off the title documents to a house where the mortgage is with Bath Building Society
  • I bought a flat with a friend in 2009 Since buying the property, we have both got married. We are now seeking to do a transfer of equity so my name is removed the Bath Building Society mortgage. There is a 30k difference between the value the Bath Building Society say and what the property would sell for currently. Can you offer any advice?
  • I am looking for a conveyancer to undertake my transfer of equity. Bath Building Society are dealing with the remortgage. I thought of asking my mortgage broker. I understand he will likely receive a referral fee for recommending a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic flawed?
  • Is it sensible to cancel the direct debit for my mortgage with Bath Building Society as soon as a date for my remortgage and transfer of equity has been agreed?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • I am transferring my equity in apartment in Woodside to my co-owners husband, they are sticking with Bath Building Society being the the existing lender. We are in heated discussion as to who should pay the fees for the transfer of equity. Is this usually split or is one of us obliged to cover the costs of?

Sample of questions in a lawyer form concerning a Bath Building Society Transfer of Equity

If you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

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

Is the transfer of equity subject to a court order? If yes please supply a copy

Please let us know where you are making any payment for the Transfer of Equity and to whom and notify us the amount?

Please let us know of you wish us to draw up a Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

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

Information to consider in conjunction with 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

If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger 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 is dependent on the valuation of the property at finalisation 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 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