Examples of recent questions relating to Cumberland Building Society transfer of equity
- My divorce is through as is the consent order. Now I need to address the transfer of equity at the land registry and the Cumberland Building Society home loan. I have contacted Cumberland Building Society for the transfer of equity application. What do I do now?
- I am in the process of removing a name from a joint mortgage and the Cumberland Building Society require me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Timperley
conveyancer to deal with the transfer of equity? They need to be on the Cumberland Building Society conveyancing panel.
- Having been 2 a couple of years separated I have decided to transfer my interest in our house to my husband who is refinancing with Cumberland Building Society. Can a transfer of equity be done within four weeks?
- Me and my partner co-own a property in Sedgefield
. Home loan is with Cumberland Building Society. I wish to transfer full ownership to him with no passing of money but without using a lawyer. Do you think this should be straightforward?
- What is the process for adding or subtracting names (transfer of equity) to or from my Cumberland Building Society mortgage account?
- I acquired a property with my cousin six years ago Since then, we have both got married. We are now looking to do a transfer of equity so my name is taken off the Cumberland Building Society mortgage. There is a significant difference between the value the bank hold and what the property would sell for currently. Can you offer any advice?
- Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Cumberland Building Society?
Examples of questions in a conveyancer form relating to Cumberland Building Society Transfer of Equity
Please give the details of anyone to be added to the title deeds?
Who will be responsible for the costs of the Transfer of Equity?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Where you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Please provide the details of anyone to be removed from the title deeds?
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?
Caveats to be read in supporting the above Cumberland Building Society transfer of equity Info :
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 titles
If your property is leasehold, the lease may require that you have a license to do so from 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 pursuant to an Order of the Court, then Insolvency Indemnity Insurance is not required. In other situations, 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 conveyancing solicitor 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 the conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Cumberland Building Society your property may be repossessed.
Preparing the Transfer of Equity with a Cumberland 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 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 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.