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Beverley Building Society

Examples of recent questions relating to Beverley Building Society transfer of equity

  • My father passed away last May leaving a mortgage-free bungalow to me and my brother equally. He has always lived in the premises, there was a condition in her will specifying that the propertycould not be sold for 24 months following her death so he could reside there for a while. He now wants to remain in the property beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the usual way to acquire my share?
  • My divorce is through as is the consent order. Now I need to sort out the transfer of equity for the property and the Beverley Building Society mortgage. I have asked Beverley Building Society for the transfer of equity forms. What are my next steps?
  • I am hoping to refinance my apartment in Dunnington changing from Godiva Mortgages to Beverley Building Society. The maisonette is currently in joint names but propose for it to be in my sole name once I switch. My husband has verbally consented to this and is happy to sign a form but neither of us want to get a second conveyancer involved.
  • I got my Decree Absolute four years ago. Foolishly I never dealt with the change the ownership from the current 'joint' status to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. Beverley Building Society is content to transfer the property and loan in my name (affordability checks done). Does my ex need any legal representation?
  • At what point do I pay stamp duty chargeable for the transfer of equity in my property in my sole name which is taking place simultaneously with a refinancing via Beverley Building Society?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Beverley Building Society?
  • I co-own a flat in Sedgefield , with a Beverley Building Society mortgage with my ex husband. He and his new partner are going to buy me out. We had approval from Beverley Building Society to substitute my name with hers. The transfer of equity needs to be done by a conveyancing solicitor for Beverley Building Society (supposedly). In order to save fees can I deal with the Land Registry formalities?

Questions that your conveyancer could ask regarding your Beverley Building Society Transfer of Equity

Is the transfer of equity subject to a court order? If yes please supply a copy

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 provide the details of anyone to be removed from the property title?

Please let us know if you are making any payment for the Transfer of Equity and to whom and give details of any such sums?

Please give the details of anyone who jointly owns the premises with you?

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

General Advice to read in further to the above Beverley Building Society transfer of equity information :

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 titles

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. 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 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 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 market value of the property at the conclusion 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 lawyer 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 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.


Frequently asked questions relating to Beverley Building Society transfer of equity