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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.

Frequently asked questions relating to Beverley Building Society transfer of equity

  • Have recently split up with my ex of 18 years. I'm now back with my mum and dad and she wants to stay in the flat and buy me out. What percentage am I entitled to. Is it half of the equity after paying off the Beverley Building Society home loan? I assume proper valuations are necessary but I would like ensure that I'm getting I am not being taken advantage of
  • Been reviewing consumer forums that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I need to be transferring equity and simultaneously switching mortgage with Beverley Building Society
  • What if my application doesn't meet Beverley Building Society lending criteria for a transfer of equity?
  • My divorce has gone through as is the consent order. Now I must address the transfer of equity at the HMLR and the Beverley Building Society mortgage. I have contacted Beverley Building Society for the transfer of equity forms. What are my next steps?
  • What can I do where I am unhappy with the conveyancing solicitor who did our transfer of equity conveyancing?
  • I understand we would need at least AP1 and TR1. Is this true?
  • I am hoping to remortgage my maisonette in Littleborough switching from HSBC to Beverley Building Society. The flat is jointly owned but intend for it to be in my name only once I switch. My wife has verbally consented to this and is happy to sign a form but neither of us want to get a second conveyancer involved.

Examples of information requested in a conveyancer form concerning a Beverley 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 give the details of anyone who jointly owns the property with you?

Please provide a copy of your National Insurance Number?

Have you approached Beverley Building Society to seek consent to 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?

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

Information 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 titles

If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not complied with you may be in breach 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 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 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 the conclusion 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 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.

Information provided on 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 Beverley Building Society transfer of equity