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Beverley Building Society

Recently asked questions relating to Beverley Building Society transfer of equity

  • Can I apply to request a further advance from Beverley Building Society as part of a Transfer of Equity?
  • I am completing a Beverley Building Society transfer of equity request and have come to the part that asks about defaults etc. There are some debts that I have been clearing over a long period, in fact they no longer remain my credit rating. Must I set these out?
  • My Beverley Building Society mortgage is in joint names with ex, who is agreeable to come off the deeds and put the house in my name alone. Beverley Building Society will permit the transfer of equity to me solely. Do Beverley Building Society write my company to verify my salary?
  • My current home loan is with Beverley Building Society. Can I transfer equity to someone less than eighteen years old?
  • I currently have a joint Beverley Building Society mortgage with my brother and am investigating the feasibility of him assuming responsibility for the outstanding mortgage and subtracting myself from it, to enable me to purchase a place with my soon-to-be-wife. The remaining mortgage is approx 200k, and the property value is approx 600k. Is this a transfer of equity? Is land tax due?
  • When it comes to transfer of equity conveyancing involving a remortgage with Beverley Building Society should I be paying VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • What are my options where I am unhappy with the conveyancing solicitor who conducted our transfer of equity conveyancing?

Examples of information requested in a conveyancer form concerning a Beverley Building Society Transfer of Equity

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

Please give the details of those who jointly own the premises with you?

Please provide the name(s) and addresse(s) of anyone to be removed from the property title?

Please give the name(s) and addresse(s) of anyone to be added to 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?

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

General Advice to read in conjunction with the above Beverley 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 Beverley 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 have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not complied with 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 as a result of 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 conveyancer will check with Beverley 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 Beverley 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 transaction.
If you do not keep up the payments on your mortgage with Beverley Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Beverley 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 Beverley 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.

Content 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 Beverley Building Society transfer of equity