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Are you in need of a Transfer of Equity with a Beverley Building Society mortgage? Failing to check that a lawyer is on the Beverley 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 Beverley Building Society transfer of equity

  • I am remortgaging my home in Miles Platting does my lawyer have to be on the Beverley Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
  • I got my Decree Absolute in 2010. I simply never dealt with the change the ownership from the current 'joint' status to just in my name. I am ready to do that and so is she. Transfer-of-equity is needed. Beverley Building Society is content to transfer the property and loan in my name (affordability checks done). Does my ex need a solicitor?
  • What if my application doesn't meet Beverley Building Society lending criteria for a transfer of equity?
  • My current mortgage is with Beverley Building Society. Can I transfer equity to someone who is not yet 18 years old?
  • Beverley Building Society have just agreed I can take over the home loan on my home. I previously applied for a transfer of equity but is this a transfer of ownership at HMLR on top?
  • Last year bought a flat without my partner's name on the title documents. My conveyancing solicitor advised it is because she was not in the mortgage with Beverley Building Society. Is it possible for me to put her name on the title?
  • Taking into account that we have been 5 years separated I have decided to give up my share of the former home to my husband who is re-mortgaging with Beverley Building Society. Could this transfer of equity be done in one month?

Sample of information requested in a conveyancing solicitor questionnaire relating to Beverley Building Society Transfer of Equity

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

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 give the details of anyone to be removed from the title deeds?

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

Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

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?

Important warnings to consider in conjunction with the above Beverley Building Society transfer of equity Advice :

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 premises

If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in 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 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 lawyer 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 valuation of the property at finalisation of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Beverley Building Society.

Preparing the Transfer of Equity with a Beverley 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 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.

Information contained within 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