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Bradford & Bingley

Top seven questions relating to Bradford & Bingley transfer of equity

  • Have recently split up with my ex of thirty years. I'm now living with my mum and dad and she wishes to remain in the property and pay me off. What portion am I entitled to. Is it 50% of the equity after redeeming the Bradford & Bingley home loan? I assume proper valuations are required but I really need ensure that I'm getting what I am entitled to
  • Given that we have been 5 years estranged I have made the decision to give up my interest in the apartment to my husband who is re-mortgaging with Bradford & Bingley. Could this transfer of equity be completed in 28 days?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Bradford & Bingley?
  • Can I transfer the equity held in my property with my Bradford & Bingley mortgage?
  • I am am in need of a conveyancer to undertake my transfer of equity. Bradford & Bingley are dealing with the refinancing. I thought of asking my mortgage broker. I am lead to believe he will likely get a kickback for recommending a firm, but also of benefit will be that he knows the lawyer, has dealt with them before. Is my logic correct?
  • My brother and I got a joint mortgage with Bradford & Bingley on a flat a couple of years ago. I am now looking to get a apartment on my own and my friend would like to buy me out. Assuming we can agree an amount what happens next? Would there be any potential concerns with Bradford & Bingley with him being on the hook for the total loan as opposed to only part of it?
  • What is the process for having someone removed off the deeds to a house if the home loan is with Bradford & Bingley

Sample of information requested in a lawyer questionnaire relating to Bradford & Bingley Transfer of Equity

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

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

Who will be responsible for the costs of the Transfer of Equity?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Please provide the name(s) and addresse(s) of anyone to be extracted from the title deeds?

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

Information to consider in further to 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 titles

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to 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 conveyancing solicitor 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 conveyancing.
If you do not keep up the payments on your mortgage with Bradford & Bingley your property may be repossessed.

Preparing the Transfer of Equity with a Bradford & Bingley 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 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