Top seven questions relating to Cambridge Building Society transfer of equity

• Having been 4 years apart I have decided to transfer my share of our flat to my husband who is re-mortgaging with Cambridge Building Society. Can a transfer of equity be done inside 28 days?
• My partner and I jointly own a flat in Timperley . Home loan is with Cambridge Building Society. I wish to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Do you think this should be simple?
• I am trying to find a conveyancing solicitor to undertake my transfer of equity. Cambridge Building Society have been approached for a refinancing. I considered asking my mortgage broker. I am lead to believe he will likely get a kickback for recommending a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?
• Can you tell me how to have a person removed from the deeds to a property where the home loan is with Cambridge Building Society
• What are the average conveyancing charges are for a transfer of equity? I'm in the process of remortgaging - new loan with Cambridge Building Society - and have been quoted Three Hundred pounds including VAT by Cambridge Building Society's approved conveyancer, Have I been over quoted?
• My fiance and myself equally own a BTL. I am a top rate tax payer. Preferably I would like to complete a transfer of equity to her sole name in order reduce our tax on the letting income. Assuming Cambridge Building Society are fine with this the legal fees are not prohibitive. However what happens when we dispose of the property? Would my GGT relief be lost.
• I jointly own a flat in Romsey , with a Cambridge Building Society mortgage with my ex partner. Him and his new partner are going to acquire my share. We had approval from Cambridge Building Society to replace my name with hers. The transfer of equity needs to be done by a conveyancer for Cambridge Building Society (supposedly). In order to save fees can I do the Land Registry formalities?

Sample of questions in a lawyer questionnaire concerning a Cambridge Building Society Transfer of Equity

Caveats to be read in supplemental the above Cambridge Building Society 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 Cambridge Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach of 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 lawyer 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 conclusion 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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within 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.