Sample questions relating to Cambridge Building Society transfer of equity
- I already have a home loan with Cambridge Building Society and am retaining my current mortgaging but wish to have it in my name alone so my ex won't be on it any longer. How long can it take for the application to be processed?
- I purchased a property with my cousin six years ago Since purchasing the property, we have both got married. We are now seeking to do a transfer of equity so my name comes off the Cambridge Building Society mortgage. There is a 40k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
- My former wife are seeking to get a lawyer lined up for a refinance with Cambridge Building Society. Transfer of Equity conveyancing is also necessaryI have used the different comparison based tools and the results are from all over UK. How necessary is it to appoint a conveyancing solicitor local to us?
- Can I apply to borrow more money from Cambridge Building Society as part of a Transfer of Equity?
- My partner and I jointly own a flat in Miles Platting
. Home loan is with Cambridge Building Society. I want to transfer full ownership to him with no passing of money but without using a lawyer. Do you think this should be easy to so?
- I am answering a Cambridge Building Society transfer of equity form and have arrived at the section that asks about debts etc. I do some debts that I have been discharging since 2007, I understand that they have long since disappeared from my credit score. Am I obliged to declare these?
- My mother died seven months ago leaving a unencumbered property to me and my half brother in equal shared. Having continues to reside at the premises, there was a provision in her will specifying that the housecould not be sold for 2 years after her death so he could reside there for a prescribed period. He now says he would like to remain in the house beyond the specified period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the conventional way to buy my half from me?
Information that may be required from your conveyancing solicitor could ask about your Cambridge Building Society Transfer of Equity
Please provide the name(s) and addresse(s) of those who jointly own the premises with you?
Please confirm if you are making any payment for the Transfer of Equity and to whom and notify us any such sums?
Please give the name(s) and addresse(s) of anyone to be removed from the title deeds?
Please list all persons who occupy the property, their respective ages and relationships to you.
Where you 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 give the name(s) and addresse(s) of anyone to be added to the property title?
General Advice to read in in addition to the above Cambridge Building Society transfer of equity information :
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 titles
Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of 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.
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 finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Cambridge Building Society your property may be repossessed.
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 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.