Examples of recent questions relating to Cambridge Building Society transfer of equity
- In 2012 I bought a house without my partner's name on the title. My conveyancing solicitor claimed it is because she was not in the loan offer with Cambridge Building Society. I'm wondering is there any way that I can put her name on the documents at HMLR?
- My decree absolute is through as is the consent order. Now I must address the transfer of equity at the land registry and the Cambridge Building Society home loan. I have called Cambridge Building Society for the transfer of equity application. What do I do now?
- Can I transfer the equity held in my property with my Cambridge Building Society mortgage?
- I intend to remortgage my flat in Rye
switching from Virgin Money to Cambridge Building Society. The maisonette is currently in joint names but wish for it to be in my sole name as and when I remortgage. My former partner is OK with this and is willing to transfer equity but neither of us want to get a second lawyer involved.
- I own a property in Dunnington
, with a Cambridge Building Society loan with my former husband. Him and his new partner are going to acquire my share. We had consent from Cambridge Building Society to substitute my name with hers. The transfer of equity needs to be done by a lawyer for Cambridge Building Society (apparently). Is it possible for us to deal with the Land Registry formalities?
- I am completing a Cambridge Building Society transfer of equity request and have come to the questions concerning defaults etc. I do some debts that I have been discharging since 2007, I understand that they no longer remain my credit records. Am I obliged to set these out?
- How do I go about adding or subtracting names (transfer of equity) to or from my Cambridge Building Society mortgage account?
Information that may be required from your conveyancer could ask regarding your Cambridge Building Society Transfer of Equity
Who will be responsible for the costs of the Transfer of Equity?
Please provide the name(s) and addresse(s) of those who jointly own the property with you?
Please give the name(s) and addresse(s) of anyone to be added to the property title?
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 confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
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” Form.
General Advice to read in conjunction with the above Cambridge Building Society transfer of equity Questions and Answers :
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 premises
Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger 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 is dependent on the market value 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 conveyancer 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 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.