Bradford & Bingley transfer of equity example support desk enquires
- My former wife are seeking to get a lawyer in place 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 the country. Do we need to appoint a conveyancer local to us?
- Is it sensible to stop my mortgage payments with Bradford & Bingley once a date for my remortgage and transfer of equity has been agreed?
- As things stand I have a joint Bradford & Bingley mortgage with my step-brother and am looking into the option of him assuming responsibility for the whole mortgage and subtracting myself from it, to enable me to buy a property with my fiance. The outstanding mortgage is approx 250k, and the property value is approx 600k. Is this a transfer of equity? Is stamp duty payable?
- I own a flat in Timperley
, with a Bradford & Bingley loan with my ex partner. He and his fiance are going to acquire my share. We had the go ahead from Bradford & Bingley to substitute my name with hers. The transfer of equity needs to be done by a conveyancer for Bradford & Bingley (supposedly). Is it possible for us to do the Land Registry change?
- My existing mortgage is with Bradford & Bingley. Can I transfer equity to someone who is not yet 18 years old?
- When it comes to transfer of equity conveyancing involving a remortgage 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
- I already have a home loan with Bradford & Bingley and am keeping my current mortgaging but wish to have have the equity transferred to my sole name so my former partner won't be on it any longer. How long does the whole transfer of equity process take?
Examples of information requested in a conveyancing solicitor form relating to Bradford & Bingley Transfer of Equity
Please give the details of anyone to be added to the title deeds?
Has one of the registered owners passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
If are going to hold 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 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 state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please provide a copy of your National Insurance Number?
Information to consider in supplemental 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 require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.
If the transfer of equity is made pursuant to 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 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 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 provided on this webpage is for general information and only applies to England and Wales. It should not be regarded as 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.