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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.

Frequently asked questions relating to Bath Building Society transfer of equity

  • I am filling out a Bath Building Society transfer of equity request and have come to the questions that asks about defaults etc. There are some debts that I have been reducing over a long period, I understand that they have long since disappeared from my credit records. Must I disclose these?
  • I am planning on removing a name from a joint mortgage and the Bath Building Society need me to use a conveyancing solicitor to carry out the paperwork. Can you recommend a reasonably priced Romsey lawyer to deal with the transfer of equity? They need to be on the Bath Building Society conveyancing panel.
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Bath Building Society?
  • My ex-fiance and I are searching for an affordable conveyancing lawyer to help me sell in a transfer of equity and refinance with Bath Building Society. I really don't want to get ripped off but with lots of conveyancing solicitors who do transfer of equity conveyancing out there...who's the best?
  • Will I have to pay any fees for a Transfer of Equity where the current mortgage is with Bath Building Society?
  • I am mortgaging my house in Heathfield does my lawyer have to be on the Bath Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
  • Last year bought a apartment without my fiance’s name on the title. My lawyer advised it is due to the fact that she was not in the mortgage with Bath Building Society. I'm wondering is there any way that I can put her name on the documents at HM Land Registry?

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

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

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

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

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Where you 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?

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 titles

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 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 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 the conclusion 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 conveyancer 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