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Beverley Building Society

Common questions relating to Beverley Building Society transfer of equity

  • Is it possible to apply to request more money from Beverley Building Society as part of a Transfer of Equity?
  • I own a house in Winchelsea , with a Beverley Building Society mortgage with my former partner. He and his new partner are going to buy me out. We had consent from Beverley Building Society to substitute my name with hers. The transfer of equity needs to be completed by a lawyer for Beverley Building Society (supposedly). Can we do the Land Registry change?
  • My decree absolute is through as is the consent order. Now I need to deal with the transfer of equity at the HMLR and the Beverley Building Society mortgage. I have called Beverley Building Society for the transfer of equity forms. What happens next?
  • Law week I split up with my ex 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 percentage do I get. Is it half of the equity after discharging the Beverley Building Society home loan? I assume proper valuations are required but I would like ensure that I'm getting the best deal
  • I am selling my share of a flat in Birmingham to the other co-owners husband, they are sticking with Beverley Building Society being the the existing lender. We are in heated discussion as to who should cover the costs of the transfer of equity. Is this normally shared or is one of us obliged to cover the legal bill?
  • What if my application doesn't meet Beverley Building Society lending criteria for a transfer of equity?
  • What are my options where I am dissatisfied with the conveyancing solicitor who carried out our transfer of equity transaction?

Questions that your lawyer could ask about your Beverley Building Society Transfer of Equity

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

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

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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

Please list all persons who occupy the property, their respective ages and relationships to you.

General Advice to read in conjunction with 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 properties

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and 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.

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 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 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 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 lawyer 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