Recently asked questions relating to Beverley Building Society transfer of equity
- I intend to refinance my flat in Blaenavon
changing from Yorkshire Building Society to Beverley Building Society. The flat is currently in joint names but I would like it to be in my name only as and when I remortgage. My husband has verbally consented to this and is willing to sign a form but neither of us want to incur conveyancer fees.
- What legal advice do I need when doing a transfer of equity where the home loan is to remain with Beverley Building Society?
- Have recently separated from my partner of thirty years. I'm now back with my mum and dad and she wants to stay in the apartment and buy me out. What portion am I entitled to. Is it 50% of the equity after paying off the Beverley Building Society home loan? I assume proper valuations are necessary but I really need to be sure that I'm getting the best deal
- What is the process for having someone removed off the deeds to a property where the home loan is with Beverley Building Society
- My Beverley Building Society home loan we jointly entered into with ex, who has agreed to come off the mortgage and put the house in my name alone. Beverley Building Society will permit the transfer of equity to my individual name. Do Beverley Building Society call my company to verify my salary?
- I own a flat in Timperley
, with a Beverley Building Society loan with my ex partner. He and his new partner are going to buy me out. We had approval from Beverley Building Society to remove my name with hers. The transfer of equity needs to be done by a lawyer for Beverley Building Society (supposedly). Can we deal with the Land Registry change?
- I am planning on removing a name from a joint mortgage and the Beverley Building Society require me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Heathfield
lawyer to deal with the transfer of equity? They need to be on the Beverley Building Society conveyancing panel.
Questions that your conveyancer is likely to ask regarding your Beverley Building Society Transfer of Equity
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 let us know of you wish us to draw up a Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?
Have you approached Beverley Building Society to seek consent to the 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?
Who will be responsible for the costs of the Transfer of Equity?
Where you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Important warnings to consider in conjunction with 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
If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
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 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 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 the conclusion of the transfer of equity transaction.
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 contained within 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.