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Bradford & Bingley

Recently asked questions relating to Bradford & Bingley transfer of equity

  • Can I transfer the equity held in my property with my Bradford & Bingley home loan?
  • When it comes to transfer of equity conveyancing involving refinance with Bradford & Bingley should I be charged value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Bradford & Bingley?
  • I already have a mortgage with Bradford & Bingley and am keeping my existing mortgaging but wish to have have the equity transferred to my name alone so my ex will come off the title. How long do Bradford & Bingley take to deal with the application?
  • I am transferring my equity in house in Woodside to my co-owners husband, they are sticking with Bradford & Bingley as the the existing lender. We are debating as to who should pay the legal bill for the transfer of equity. Should this be shared or is one of us liable for the legal bill?
  • What if my application doesn't meet Bradford & Bingley lending criteria for a transfer of equity?
  • I currently have a joint Bradford & Bingley mortgage with my step-brother and am investigating the possibility of him assuming responsibility for the outstanding mortgage and removing myself from it, to enable me to buy somewhere with my fiance. The remaining mortgage is about 200k, and the property value is in the region 500k. Is this a transfer of equity? Is land tax due?

Examples of questions in a conveyancing solicitor form concerning a Bradford & Bingley Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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 provide the name(s) and addresse(s) of anyone who jointly owns the property with you?

Please provide the details of anyone to be removed from the property title?

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

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

Important warnings to consider in conjunction with the above Bradford & Bingley transfer of equity information :

Tax and Legal

There are numerous potential 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 freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

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 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 varies based on the market value of the property at the time of completion 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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content on 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