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Birmingham Midshires

Recently asked questions relating to Birmingham Midshires transfer of equity

  • My former wife are seeking to get a conveyancing solicitor in place for a remortgage with Birmingham Midshires. Transfer of Equity conveyancing is also necessaryI have used the different rating based websites and the results are from all over UK. How necessary is it to appoint a lawyer local to us?
  • When it comes to transfer of equity conveyancing involving a remortgage with Birmingham Midshires should I be charged value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • I am filling out a Birmingham Midshires transfer of equity request and have come to the section regarding debts etc. I do some debts that I have been paying off since 2007, in fact they no longer remain my credit rating. Am I obliged to set these out?
  • Me and my former fiance and I are are seeking to find an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Birmingham Midshires. I I am fearful of appointing the wrong one and there's so many conveyancing solicitors who do transfer of equity conveyancing out there...who do I opt for?
  • I am selling my share of a flat in Hendon to my co-owners fiance, they are sticking with Birmingham Midshires as the the existing mortgage company. We are haggling as to who must pay the fees for the transfer of equity. Should this be shared or is one of us obliged to cover the costs of?
  • My brother and I got a joint mortgage with Birmingham Midshires on a house in 2013. I am now looking to get a apartment on my own and my friend would like to buy me out. On the basis that we can settle on a figure where do we go? Would there be any potential issue with Birmingham Midshires with him being solely liable for the total loan as opposed to only part of it?
  • In 2009 I purchased a flat without my partner's name on the title documents. My conveyancer advised it is due to the fact that she is not in the mortgage with Birmingham Midshires. I'm wondering is there any way that I can add her name on the deeds?

Questions that your conveyancing solicitor is likely to ask regarding your Birmingham Midshires Transfer of Equity

Where you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Where you 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?

Please provide a copy of your National Insurance Number?

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

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

Please inform us where you are providing any payment for the Transfer of Equity and to whom and give details of the amount?

Information to consider in conjunction with the above Birmingham Midshires transfer of equity Info :

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 Birmingham Midshires conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is 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 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 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 conveyancing solicitor will check with Birmingham Midshires 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 Midshires 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Birmingham Midshires.

Preparing the Transfer of Equity with a Birmingham Midshires Mortgage

When it comes to preparing the the Land Registry documents your conveyancer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Birmingham Midshires 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 Birmingham Midshires transfer of equity