Cambridge Building Society transfer of equity example support desk enquires

• Me and a friend got a joint mortgage with Cambridge Building Society on a flat in 2013. I am now looking to get a property by myself and my friend would like to buy me out. Assuming we can agree a figure where do we go? Would there be any potential concerns with Cambridge Building Society with him being responsible for the total mortgage as opposed to only part of it?
• Am I best advised stop the direct debit for my mortgage with Cambridge Building Society as soon as a date for my remortgage and transfer of equity has been set?
• Three years ago I bought a house without my fiance’s name on the deeds. My conveyancer said it is because she is not in the mortgage with Cambridge Building Society. I'm wondering is there any way that I can add her name on the title?
• Me and my partner co-own a flat in Crabtree . Home loan is with Cambridge Building Society. I want to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be easy to so?
• I understand we would need at least AP1 and Transfer Deed. Is this true?
• My former husband are seeking to get a conveyancer lined up for a remortgage with Cambridge Building Society. Transfer of Equity conveyancing is also requiredI have used the different rating based websites and the results are from all over the country. Do we need to appoint a conveyancer local to us?
• Will I have to pay any charges for a Transfer of Equity where the existing mortgage is with Cambridge Building Society?

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

Information to consider in in addition to the above Cambridge Building Society transfer of equity Questions and Answers :

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 Cambridge Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach 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 conveyancer 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 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 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 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.