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Beverley Building Society

Recently asked questions relating to Beverley Building Society transfer of equity

  • Been reviewing consumer forums that solicitors are more expensive than conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I need to be transferring equity and at the same time switching mortgage with Beverley Building Society
  • Will I have to pay any charges for a Transfer of Equity where the current mortgage is with Beverley Building Society?
  • How and when do I pay stamp duty payable for the transfer of equity in my home in my sole name which is happening simultaneously with a switching mortgage via Beverley Building Society?
  • Law week I split up with my wife of thirty years. I'm now living with my mum and dad and she wishes to stay in the apartment and buy me out. What portion am I entitled to. Is it 50% of the equity after redeeming the Beverley Building Society home loan? I assume proper valuations are required but I would like ensure that I'm getting I am not being walked over
  • Me and my partner co-own a property in Crabtree . Mortgage is with Beverley Building Society. I want to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Is this likely to be simple?
  • The mortgage broker has recommended their lawyer for my Transfer of Equity plus remortgage with Beverley Building Society - won’t it be better to just instruct them?
  • What do I do if I am unhappy with the conveyancer who did my transfer of equity conveyancing?

Information that may be required from your conveyancer could ask regarding your Beverley Building Society Transfer of Equity

Please let us know where you are providing any payment for the Transfer of Equity and to whom and disclose any such sums?

Please provide the details of anyone to be extracted from the title deeds?

Is it the case that one of the registered owners died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Who will be responsible for the costs of the Transfer of Equity?

If 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?

Can you give the name(s) and addresse(s) of those who jointly own the premises with you?

General Advice to read in in addition to the above Beverley Building Society transfer of equity Advice :

Tax and Legal

There may be various 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

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to 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 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 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 varies based on the valuation of the property at finalisation 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 conveyancer 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 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