Sample questions relating to Beverley Building Society transfer of equity

• Me and my partner co-own a house in Witham . Home loan is with Beverley Building Society. I would like to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Do you think this should be simple?
• My former husband are looking to get a conveyancing solicitor in place for a new mortgage with Beverley Building Society. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over England and Wales. How necessary is it to have a conveyancing solicitor local to us?
• What if my application doesn't meet Beverley Building Society lending criteria for a transfer of equity?
• My divorce is through as is the consent order. Now I need to deal with the transfer of equity at the HMLR and the Beverley Building Society mortgage. I have asked Beverley Building Society for the transfer of equity forms. What are my next steps?
• How much the typical legal costs are for a transfer of equity? I need to transfer equity and remortgage - new loan with Beverley Building Society - and have been quoted Four Hundred pounds plus VAT by Beverley Building Society's appointed lawyer, Have I been over quoted?
• I purchased a house with my brother in 2009 Since then, we have both got married. We are now looking to do a transfer of equity so my name comes off the Beverley Building Society mortgage. There is a 40k difference between the value the lender hold and what the property would sell for currently. Can you offer any advice?
• What is the process for adding or subtracting names (transfer of equity) to or from my Beverley Building Society mortgage account?

Questions that your lawyer may ask regarding your Beverley Building Society Transfer of Equity

Important warnings to consider in in addition to the above Beverley Building Society transfer of equity Info :

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 terms are not adhered to 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 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 varies based on the market value of the property at the conclusion of the transfer of equity conveyancing.

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 conveyancing solicitor 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.