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Are you in need of a Transfer of Equity with a Bradford & Bingley plc mortgage? Failing to check that a lawyer is on the Bradford & Bingley plc list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Bradford & Bingley transfer of equity: q and a’s

  • How do I go about adding or removing names (transfer of equity) to or from my Bradford & Bingley mortgage account?
  • Can I transfer the equity held in my property with my Bradford & Bingley mortgage?
  • Have recently separated from my ex of thirty years. I'm now living with my parents again and she wants to stay in the flat and pay me off. What portion am I entitled to. Is it 50% of the equity after paying off the Bradford & Bingley home loan? I assume proper valuations are necessary but I would like to be sure that I'm getting I am not being walked over
  • My current mortgage is with Bradford & Bingley. Can I transfer equity to someone under eighteen years old?
  • My Bradford & Bingley home loan is in joint names with ex, who has agreed to be removed and let me have the property. Bradford & Bingley will permit the transfer of equity to my individual name. Will Bradford & Bingley call my boss to check my salary?
  • Bradford & Bingley have today agreed I can take over the home loan on my home. I previously applied for a transfer of equity but is this a transfer of ownership at the Land Registry as well?
  • I am in the process of removing a name from a joint mortgage and the Bradford & Bingley need me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Blaenavon conveyancing solicitor to deal with the transfer of equity? They need to be on the Bradford & Bingley conveyancing panel.

Information that may be required from your conveyancer may ask about your Bradford & Bingley Transfer of Equity

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

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

Has one of the registered owners died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

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

If you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Important warnings to consider in supporting 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 landlord. If such terms are not adhered to you may be in violation of the lease. This could potentially result in 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 is dependent on the market value of the property at the time of completion 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 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.

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