LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Beverley Building Society

Common questions relating to Beverley Building Society transfer of equity

  • Am I best advised stop the direct debit for my mortgage with Beverley Building Society as soon as a date for my remortgage and transfer of equity has been set?
  • I am hoping to remortgage my home in Sedgefield switching from Barclays to Beverley Building Society. The apartment is currently in joint names but I would like it to be in my sole name when I switch. My wife is OK with this and is happy to sign a form but neither of us want to get a second lawyer involved.
  • What do I do if I am not happy with the lawyer who did our transfer of equity transaction?
  • My existing home loan is with Beverley Building Society. Can I transfer equity to someone who is not yet 18 years old?
  • I am filling out a Beverley Building Society transfer of equity application and have come to the questions regarding debts etc. I do some debts that I have been reducing for a number of years, I understand that they no longer remain my credit score. Do I need to set these out?
  • Have recently split up with my partner of thirty years. I'm now living with my parents again and she wishes to remain in the apartment and pay me off. What portion do I get. Is it half of the equity after redeeming the mortgage with Beverley Building Society? I assume proper valuations are required but I really need ensure that I'm getting what I am entitled to
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Beverley Building Society mortgage account?

Examples of information requested in a lawyer questionnaire relating to Beverley Building Society Transfer of Equity

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

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

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Please let us know of you wish us to draw up a Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

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

General Advice to read in supplemental the above Beverley Building Society transfer of equity Questions and Answers :

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, provisions in the lease may require that you have a license to do so from the landlord. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger 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 situations, 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 the time of completion of the transfer of equity conveyancing.
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 conveyancing solicitor 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