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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.

Questions and answers: Bradford & Bingley transfer of equity

  • What can I do where I am dissatisfied with the lawyer who carried out our transfer of equity conveyancing?
  • My former wife are looking to get a conveyancer lined up for a refinance with Bradford & Bingley. Transfer of Equity conveyancing is also requiredI have used the different rating based tools and the results are from all over UK. Do we need to have a lawyer local to us?
  • I jointly own a apartment in Romsey , with a Bradford & Bingley loan with my former husband. He and his fiance are going to buy me out. We had approval from Bradford & Bingley to remove my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Bradford & Bingley (supposedly). In order to save fees can I deal with the Land Registry formalities?
  • Can I transfer the equity held in my property with my Bradford & Bingley home loan?
  • I am filling out a Bradford & Bingley transfer of equity request and have come to the part that asks about defaults etc. I do some debts that I have been paying off for a number of years, I understand that they no longer remain my credit score. Must I declare these?
  • My existing home loan is with Bradford & Bingley. Can I transfer equity to someone who is not yet 18 years old?
  • My ex-partner and I are in the market for an affordable conveyancing solicitor to help me sell in a transfer of equity and remortgage with Bradford & Bingley. I I am fearful of being overcharged but with many conveyancing practices who do transfer of equity conveyancing out there...how do I know which one is best appoint?

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

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” Form.

Has consent been obtained from Bradford & Bingley to the proposed 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?

If are intent on holding 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 let us know of you wish us to draw up a Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

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

Important warnings to consider in conjunction with 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 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 breach 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 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 lawyer 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 conclusion of the transfer of equity transaction.
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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information provided 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