Examples of recent questions relating to Beverley Building Society transfer of equity
- I am transferring my equity in property in Woodside to my co-owners fiance, they are sticking with Beverley Building Society being the the existing lender. We are haggling as to who must pay the costs of the transfer of equity. Should this be split or is one of us liable for the charges for?
- I already have a mortgage with Beverley Building Society and am retaining my existing mortgaging but applying to have have the equity transferred to my sole name so my former partner will be removed from the deeds. How long does the whole transfer of equity process take?
- I intend to remortgage my home in Witham
switching from Virgin Money to Beverley Building Society. The flat is jointly owned but intend for it to be in my name only when I transfer. My wife is OK with this and is happy to sign a form but neither of us want to get a second conveyancer involved.
- How and when do I pay the Stamp Duty Land Tax chargeable for the transfer of equity in my property in my sole name which is happening at the same time as a remortgage via Beverley Building Society?
- As things stand I have a joint Beverley Building Society mortgage with my brother and am investigating the possibility of him assuming responsibility for the whole mortgage and subtracting myself from it, so as to enable me to buy somewhere with my soon-to-be-wife. The outstanding mortgage is approx 175k, and the property value is in the region 500k. Is this a transfer of equity? Is stamp duty payable?
- I am completing a Beverley Building Society transfer of equity application and have arrived at the questions concerning defaults etc. I do some debts that I have been clearing for a number of years, in fact they have long since disappeared from my credit score. Am I obliged to set these out?
- I purchased a flat with my brother in 2008 Since purchasing the property, we have both got married. We are now seeking to do a transfer of equity so my name comes off the Beverley Building Society mortgage. There is a meaningful difference between the value the mortgage company say and what the property would sell for currently. Can you offer any advice?
Examples of questions in a lawyer questionnaire concerning a Beverley Building Society Transfer of Equity
Who will be responsible for the costs of the Transfer of Equity?
Please provide the details of anyone to be added to the title deeds?
Has consent been obtained from Beverley Building Society to the proposed transfer of equity?
Can you give the name(s) and addresse(s) of those who jointly own the property 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
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Information to consider in conjunction with the above Beverley Building Society transfer of equity information :
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 properties
If your property is leasehold, 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 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 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.