Sample questions relating to Bradford & Bingley transfer of equity
- Me and my partner co-own a house in Witham
. Mortgage is with Bradford & Bingley. I want to transfer full ownership to him with no payment of money but without using a conveyancer. Do you think this should be simple?
- What if my application doesn't meet Bradford & Bingley lending criteria for a transfer of equity?
- I already have a home loan with Bradford & Bingley and am maintaining my current mortgaging but applying to have it in my name alone so my ex won't be on it any longer. How long can it take for the application to be processed?
- What is the process for having a person removed off the title documents to a house if the mortgage is with Bradford & Bingley
- My Bradford & Bingley home loan is in joint names with ex, he has agreed to be removed and let me have the property. Bradford & Bingley will permit the transfer of equity to me solely. Will Bradford & Bingley get in touch with my company to confirm my salary?
- What should I be budgeting for when it comes to what legal charges are for a transfer of equity? I'm in the process of remortgaging - moving over to Bradford & Bingley - and have been quoted £250 plus VAT by Bradford & Bingley's appointed conveyancer, Is this a reasonable price?
- I am am in need of a conveyancing solicitor to deal with my transfer of equity. Bradford & Bingley have been approached for a remortgage. I considered asking my mortgage broker. I understand he will likely receive a kickback for recommending a firm, 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?
Sample of questions in a conveyancer questionnaire concerning a Bradford & Bingley Transfer of Equity
Please clarify where you are providing any payment for the Transfer of Equity and to whom and notify us any such sums?
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?
Please provide a copy of your National Insurance Number?
Please give the details of anyone to be extracted from the title deeds?
Who will be responsible for the costs of the Transfer of Equity?
Please provide the name(s) and addresse(s) of anyone to be added to the property title?
Important warnings to consider in supplemental the above Bradford & Bingley transfer of equity Questions and Answers :
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
Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 varies based on the valuation of the property at finalisation of the transfer of equity conveyancing.
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 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 conveyancer 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.