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Cambridge Building Society

Sample questions relating to Cambridge Building Society transfer of equity

  • Three years ago I purchased a apartment without my fiance’s name on the deeds. My lawyer advised it is because she was not in the loan offer with Cambridge Building Society. I'm wondering is there any way that I can add her name on the documents at HMLR?
  • Can you tell me how to have a person removed off the deeds to a house if the home loan is with Cambridge Building Society
  • My divorce is through as is the consent order. Now I need to address the transfer of equity for the property and the Cambridge Building Society mortgage. I have called Cambridge Building Society for the transfer of equity application. What happens next?
  • Can I transfer the equity held in my property with my Cambridge Building Society mortgage?
  • I plan to refinance my home in Miles Platting changing from Barclays to Cambridge Building Society. The apartment is currently in joint names but wish for it to be in my name only once I transfer. My wife has agreed to this and is willing to transfer equity but neither of us want to get a second conveyancing solicitor involved.
  • My brother and I got a joint mortgage with Cambridge Building Society on a flat a couple of years ago. I am now looking to get a property on my own and my friend would like to buy me out. Once we have agreed a figure what are the next steps? Is there likely to be any issue with Cambridge Building Society with him being on the hook for the total loan rather than only half of it?
  • I am selling my equity in property in Warwick to my co-owners husband, they are sticking with Cambridge Building Society being the the existing lender. We are haggling as to who must pay the fees for the transfer of equity. Is this usually shared or is one of us obliged to cover the fees for?

Examples of information requested in a lawyer questionnaire concerning a Cambridge Building Society Transfer of Equity

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

Have you approached Cambridge Building Society to obtain consent to the Transfer of Equity

Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

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 confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

If you are adding someone 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” Questionnaire.

Information to consider in supporting the above Cambridge Building Society transfer of equity Advice :

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 Cambridge Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, provisions in 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 terms are not adhered to you may be in violation of your covenants under 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 Cambridge Building Society 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 Cambridge Building Society 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 valuation of the property at finalisation of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Cambridge Building Society.

Preparing the Transfer of Equity with a Cambridge Building Society Mortgage

When it comes to preparing the the Land Registry documents your conveyancing solicitor should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Cambridge Building Society 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 Cambridge Building Society transfer of equity