Bradford & Bingley transfer of equity example support desk enquires

• I am planning on removing a name from a joint mortgage and the Bradford & Bingley require me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Romsey conveyancing solicitor to deal with the transfer of equity? They need to be on the Bradford & Bingley conveyancing panel.
• What do I need to do when it comes adding or removing names (transfer of equity) to or from my Bradford & Bingley mortgage account?
• My mother died half a year ago leaving a loan-free property to me and my brother 50:50. He has always lived in the property, there was a clause in the will specifying that the premisescould not be sold for 24 months after her passing so he could remain there for a while. He now wishes to remain in the premises beyond the specified period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the usual way to purchase my half from me?
• My mortgage broker has suggested using their lawyer for my Transfer of Equity plus remortgage with Bradford & Bingley - Is it not simpler easier to just use them?
• I am remortgaging my apartment in Witham does my lawyer have to be on the Bradford & Bingley Solicitor panel. The conveyancing also involves a transfer of equity.
• At what point do I incur stamp duty chargeable for the transfer of equity in my property in my name alone which is happening simultaneously with a switching mortgage with Bradford & Bingley?
• My partner and I jointly own a house in Heathfield . Mortgage is with Bradford & Bingley. I want to transfer full ownership to him with no payment of money but without using a conveyancer. Is this likely to be simple?

Questions that your lawyer could ask in relation to your Bradford & Bingley Transfer of Equity

General Advice to read in supplemental the above Bradford & Bingley 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 Bradford & Bingley conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

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 freeholder. If such conditions are not strictly observed 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 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 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 varies based on the valuation of the property at finalisation of the transfer of equity conveyancing.

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