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Beverley Building Society

Frequently asked questions relating to Beverley Building Society transfer of equity

  • My fiance and myself have equal shares in a buy to let. I am a top rate tax payer. Ideally I wish to do a transfer of equity to her sole name with a view to reduce our tax on rental income. Assuming Beverley Building Society are happy with this the legal fees are not prohibitive. However what happens when we sell? Would my GGT relief be lost.
  • After three years estranged I have decided to give up my interest in the flat to my husband who is re-mortgaging with Beverley Building Society. Can a transfer of equity be done in four weeks?
  • My brother and I got a joint mortgage with Beverley Building Society on a apartment in 2013. I am now looking to get a house by myself and my friend would like to buy me out. Assuming we can agree an amount where do we go? Would there be any potential problem with Beverley Building Society with him being solely liable for the total loan as opposed to only half of it?
  • I am considering mortgaging my flat in Timperley does my lawyer have to be on the Beverley Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
  • Is it sensible to cancel the direct debit for my mortgage with Beverley Building Society once a date for my remortgage and transfer of equity has been agreed?
  • Is it possible to transfer the equity held in my property with my Beverley Building Society mortgage?
  • Can you tell me how to have someone removed from the deeds to a house if the home loan is with Beverley Building Society

Questions that your conveyancing solicitor is likely to ask regarding your Beverley Building Society Transfer of Equity

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

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

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

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

Please list all persons who occupy the property, their respective ages and relationships to you.

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

Information to consider in further to 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, provisions in 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 restrictions are not strictly observed you may be in violation 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 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 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.

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.


Frequently asked questions relating to Beverley Building Society transfer of equity