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Are you in need of a Transfer of Equity with a Beverley Building Society mortgage? Failing to check that a lawyer is on the Beverley Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Frequently asked questions relating to Beverley Building Society transfer of equity

  • I intend to refinance my home in Crabtree changing from Santander to Beverley Building Society. The maisonette is currently in joint names but propose for it to be in my sole name when I switch. My former partner has agreed to this and is happy to transfer equity but neither of us want to incur conveyancer fees.
  • At what stage do I incur stamp duty payable for the transfer of equity in my house in my name alone which is taking place at the same time as a switching mortgage via Beverley Building Society?
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Beverley Building Society?
  • After 2 a couple of years separated I have opted to transfer my share of the property to my husband who is re-mortgaging with Beverley Building Society. Can a transfer of equity be completed in less than four weeks?
  • How much the typical conveyancing costs are for a transfer of equity? I need to transfer equity and refinance - moving over to Beverley Building Society - and have been quoted Four Hundred pounds including VAT by Beverley Building Society's appointed lawyer, Have I been over quoted?
  • Beverley Building Society have just agreed I can take over the home loan on the flat. I previously applied for a transfer of equity but presumably there is a transfer of ownership at HMLR as well?
  • My current home loan is with Beverley Building Society. Can I transfer equity to someone under 18 years old?

Information that may be required from your lawyer could ask regarding your Beverley Building Society Transfer of Equity

Has one of the registered owners passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

Have you approached Beverley Building Society to obtain consent to the Transfer of Equity

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

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

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

Important warnings to consider in conjunction with 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

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could potentially result in 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 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 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 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 conveyancing solicitor 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 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