Sample questions relating to Beverley Building Society transfer of equity

• After 2 a couple of years apart I have opted to transfer my interest in the former home to my husband who is refinancing with Beverley Building Society. Can a transfer of equity be completed in one month?
• Is it sensible to stop my mortgage payments with Beverley Building Society as soon as a date for my remortgage and transfer of equity has been set?
• My divorce has gone through as is the consent order. Now I must sort out the transfer of equity at the HMLR and the Beverley Building Society home loan. I have asked Beverley Building Society for the transfer of equity application. What do I do now?
• I am remortgaging my house in Wakefield does my lawyer need to be on the Beverley Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
• I already have a mortgage with Beverley Building Society and am maintaining my current mortgaging but seeking to have have the equity transferred to my name alone so my former partner will come off the title. How long can it take for the application to be processed?
• My Beverley Building Society home loan is in joint names with ex, who is agreeable to be removed and put the house in my name alone. Beverley Building Society have consented to the transfer of equity to my individual name. Do Beverley Building Society write my boss to check my salary?
• As things stand I have a joint Beverley Building Society mortgage with my cousin and am looking into the feasibility of him assuming responsibility for the whole mortgage and removing myself from it, so as to enable me to buy a place with my partner. The outstanding mortgage is in the region 300k, and the property value is about 500k. Is this a transfer of equity? Is land tax involved?

Questions that your conveyancing solicitor may ask in relation to your Beverley Building Society Transfer of Equity

Information to consider 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 titles

If your property is leasehold, the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach 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 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 is dependent on the market value of the property at finalisation 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 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 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.