Sample questions relating to Birmingham Bank transfer of equity

• My partner and I jointly own a house in Dunnington . Mortgage is with Birmingham Bank. I would like to transfer full ownership to him with no passing of money but without using a lawyer. Is this likely to be straightforward?
• Me and my former fiance and I are in the market for a value for money conveyancing solicitor to assist in a transfer of equity and refinance with Birmingham Bank. I really don't want to get ripped off but with lots of conveyancing practices who do transfer of equity conveyancing out there...who do I opt for?
• My friend and I got a joint mortgage with Birmingham Bank on a apartment in 2013. I am now thinking of buying a property by myself and my friend would like to buy me out. Once we have agreed a price where do we go? Would there be any potential problem with Birmingham Bank with him being on the hook for the total mortgage as opposed to only part of it?
• My former wife are looking to get a lawyer lined up for a new mortgage with Birmingham Bank. Transfer of Equity conveyancing is also necessaryI have used the different comparison based websites and the results are from all over the country. How necessary is it to instruct a conveyancing solicitor local to us?
• I am trying to find a conveyancing solicitor to handle my transfer of equity. Birmingham Bank are dealing with the refinancing. I thought of asking my financial adviser. I understand he may receive a referral fee for recommending someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic misguided?
• Can you tell me how to have a person removed from the title documents to a house if the home loan is with Birmingham Bank
• Is it possible to transfer the equity held in my property with my Birmingham Bank mortgage?

Examples of questions in a lawyer questionnaire concerning a Birmingham Bank Transfer of Equity

Information to consider in further to the above Birmingham Bank 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 Birmingham Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in 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 Birmingham Bank 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 Birmingham Bank 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 finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a Birmingham Bank 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 Birmingham Bank 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 contained within this webpage is for general information and only applies to England and Wales. It should not be regarded as 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.