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Are you in need of a Transfer of Equity with a Bradford & Bingley plc mortgage? Failing to check that a lawyer is on the Bradford & Bingley plc 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 Bradford & Bingley transfer of equity

  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Bradford & Bingley?
  • My ex-wife and I are are seeking to find a value for money conveyancing lawyer to assist in a transfer of equity and remortgage with Bradford & Bingley. I I am fearful of appointing the wrong one and there's various conveyancing organisations who do transfer of equity conveyancing out there...how do I know which one is best select?
  • Me and my partner jointly own a house in Winchelsea . Home loan is with Bradford & Bingley. I would like to transfer full ownership to him with no passing of money but without using a conveyancer. Is this likely to be straightforward?
  • I am looking for a conveyancing solicitor to undertake my transfer of equity. Bradford & Bingley are dealing with the refinancing. I thought of asking my mortgage broker. I understand he will likely get a kickback for suggesting someone, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Any flaws you see in this way of thinking?
  • My divorce is through as is the consent order. Now I must deal with the transfer of equity on title deeds and the Bradford & Bingley home loan. I have contacted Bradford & Bingley for the transfer of equity forms. What happens next?
  • Will I incur any fees for a Transfer of Equity where the current home loan is with Bradford & Bingley?
  • What should I be budgeting for when it comes to what conveyancing costs are for a transfer of equity? I'm in the process of remortgaging - moving over to Bradford & Bingley - and have been quoted £350 excluding VAT by Bradford & Bingley's appointed lawyer, Have I been over quoted?

Information that may be required from your conveyancer may ask regarding your Bradford & Bingley Transfer of Equity

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

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

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

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

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 Bradford & Bingley to the proposed transfer of equity?

Caveats to be read in supporting the above Bradford & Bingley transfer of equity Advice :

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 Bradford & Bingley 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 have a license to do so from the landlord. 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 conveyancer will check with Bradford & Bingley 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 Bradford & Bingley 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 finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bradford & Bingley.

Preparing the Transfer of Equity with a Bradford & Bingley 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 Bradford & Bingley 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.


Frequently asked questions relating to Bradford & Bingley transfer of equity