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Cumberland Building Society transfer of equity example support desk enquires

  • In 2012 I purchased a flat without my wife's name on the title. My conveyancer advised it is due to the fact that she was not in the loan offer with Cumberland Building Society. I'm wondering is there any way that I can put her name on the documents at HM Land Registry?
  • Me and my former fiance and I are searching for an affordable conveyancing lawyer to help me sell in a transfer of equity and remortgage with Cumberland Building Society. I am aware of the chance of getting ripped off and there are many conveyancing solicitors who do transfer of equity conveyancing to choose from...how do I know which one is best appoint?
  • My decree absolute is through as is the consent order. Now I have to address the transfer of equity for the property and the Cumberland Building Society home loan. I have called Cumberland Building Society for the transfer of equity application. What do I do now?
  • I bought a flat with a friend in 2010 Since purchasing the property, we have both got married. We are now looking to do a transfer of equity so my name comes off the Cumberland Building Society mortgage. There is a 40k difference between the value the bank say and what the property would sell for currently. Can you offer any advice?
  • Is it possible to apply to request a further advance from Cumberland Building Society as part of a Transfer of Equity?
  • My Cumberland Building Society mortgage is in joint names with ex, who has agreed to come off the mortgage and let me have the property. Cumberland Building Society have consented to the transfer of equity to me solely. Do Cumberland Building Society contact my boss to confirm my salary?
  • My existing home loan is with Cumberland Building Society. Can I transfer equity to someone under eighteen years old?

Questions that your conveyancing solicitor may ask about your Cumberland Building Society Transfer of Equity

Please give the name(s) and addresse(s) of anyone who jointly owns the property with you?

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

Please provide the name(s) and addresse(s) of anyone to be removed from the property title?

If you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

Is it the case that one of the registered owners died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Caveats to be read in conjunction with the above Cumberland 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 Cumberland Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not complied with 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 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 conveyancer will check with Cumberland 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 Cumberland 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 transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Cumberland Building Society.

Preparing the Transfer of Equity with a Cumberland 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 Cumberland 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 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.


Frequently asked questions relating to Cumberland Building Society transfer of equity