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Beverley Building Society

Beverley Building Society transfer of equity example support desk enquires

  • I am disposing of my share of a flat in Birmingham to my co-owners fiance, they are sticking with Beverley Building Society as the the existing mortgage company. We are in heated discussion as to who should pay the fees for the transfer of equity. Should this be shared or is one party obliged to cover the charges for?
  • Is it sensible to stop the direct debit for my mortgage with Beverley Building Society once a date for my remortgage and transfer of equity has been agreed?
  • I intend to refinance my flat in Wakefield changing from Barclays to Beverley Building Society. The home is jointly owned but propose for it to be in my sole name as and when I transfer. My wife has agreed to this and is happy to sign a form but neither of us want to get a second lawyer involved.
  • I am thinking of mortgaging my apartment in Miles Platting does my lawyer need to be on the Beverley Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
  • Will I incur any charges for a Transfer of Equity where the existing mortgage is with Beverley Building Society?
  • My fiance and myself jointly own a investment property. I am a top rate tax payer. Ideally I would like to complete a transfer of equity to her sole name with a view to mitigate tax on rental income. If Beverley Building Society are content with this the legal fees are inexpensive. What are the implications when we dispose of the property? As I would no longer be on the deeds am I giving up my CGT relief.
  • What is the process for adding or subtracting names (transfer of equity) to or from my Beverley Building Society mortgage account?

Examples of information requested in a conveyancing solicitor form relating to Beverley Building Society Transfer of Equity

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

Has consent been obtained from Beverley Building Society to the proposed transfer of equity?

Where you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Please clarify if you are providing any payment for the Transfer of Equity and to whom and give details of the amount?

Is it the case that one of the registered proprietors died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

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

General Advice to read in supporting 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 premises

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation 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 is dependent on the valuation of the property at finalisation 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 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.


Frequently asked questions relating to Beverley Building Society transfer of equity