Examples of recent questions relating to Cambridge Building Society transfer of equity

• What should I be budgeting for when it comes to what legal costs are for a transfer of equity? I'm in the process of remortgaging - new loan with Cambridge Building Society - and have been quoted £350 excluding VAT by Cambridge Building Society's approved conveyancer, Is this is a good price or not?
• What if my application doesn't meet Cambridge Building Society lending criteria for a transfer of equity?
• My former husband are looking to get a conveyancer in place for a remortgage with Cambridge Building Society. 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 instruct a conveyancer local to us?
• Having been 4 years apart I have decided to relinquish up my interest in our property to my husband who is refinancing with Cambridge Building Society. Can a transfer of equity be done within one month?
• Is it possible to transfer the equity held in my property with my Cambridge Building Society home loan?
• Can I apply to request more money from Cambridge Building Society as part of a Transfer of Equity?
• Me and my partner jointly own a flat in Crabtree . Home loan is with Cambridge Building Society. I would like to transfer full ownership to him with no payment of money but without using a conveyancer. Do you think this should be easy to so?

Information that may be required from your conveyancer is likely to ask in relation to your Cambridge Building Society Transfer of Equity

General Advice to read in further to 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, 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 the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

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 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 is dependent on the market value of the property at the time of completion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Cambridge Building Society 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 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.

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.