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Bradford & Bingley

Top seven questions relating to Bradford & Bingley transfer of equity

  • Can you tell me how to have someone removed from the deeds to a property if the home loan is with Bradford & Bingley
  • My decree absolute has gone through as is the consent order. Now I must sort out the transfer of equity at the HMLR and the Bradford & Bingley mortgage. I have called Bradford & Bingley for the transfer of equity forms. What happens next?
  • Am I best advised stop the direct debit for my mortgage with Bradford & Bingley as soon as a date for my remortgage and transfer of equity has been agreed?
  • I am in the process of removing a name from a joint mortgage and the Bradford & Bingley need me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Timperley conveyancer to deal with the transfer of equity? They need to be on the Bradford & Bingley conveyancing panel.
  • My Bradford & Bingley mortgage is in joint names with ex, he is agreeable to be removed and put the house in my name alone. Bradford & Bingley have consented to the transfer of equity to me solely. Do Bradford & Bingley call my boss to verify my salary?
  • I am under the impression we would need at least AP1 and TR1. Is this true?
  • I jointly own a flat in Littleborough , with a Bradford & Bingley loan with my former partner. Him and his fiance are going to acquire my share. We had consent from Bradford & Bingley to substitute my name with hers. The transfer of equity needs to be completed by a lawyer for Bradford & Bingley (apparently). Is it possible for us to do the Land Registry change?

Questions that your lawyer is likely to ask regarding your Bradford & Bingley Transfer of Equity

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

Please provide the name(s) and addresse(s) of those who jointly own the premises with you?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

If 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” Questionnaire.

Has one of the registered owners passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please list all persons who occupy the property, their respective ages and relationships to you.

General Advice to read in supplemental the above Bradford & Bingley transfer of equity information :

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, 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 conditions are not complied with you may be in violation of your covenants under 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 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 market value of the property at the time of completion 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 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 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 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 Bradford & Bingley transfer of equity