Examples of recent questions relating to Cumberland Building Society transfer of equity
- How do I go about adding or removing names (transfer of equity) to or from my Cumberland Building Society mortgage account?
- What should I be budgeting for when it comes to what legal charges are for a transfer of equity? I'm in the process of remortgaging - new loan with Cumberland Building Society - and have been quoted £350 plus VAT by Cumberland Building Society's appointed conveyancer, Is this is a good price or not?
- My ex-partner and I are searching for a trustworthy conveyancing solicitor to assist in a transfer of equity and refinance with Cumberland Building Society. I am aware of the chance of getting ripped off and there are many conveyancing firms who do transfer of equity conveyancing to pick from...how do I know which one to appoint?
- I am considering refinancing my apartment in Winchelsea
does my lawyer have to be on the Cumberland Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
- I got divorced in 2012. I simply never dealt with the change the ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Cumberland Building Society is willing to transfer the property and loan in my name (financial checks done). Does my ex need a conveyancer?
- Taking into account that we have been 4 years apart I have made the decision to transfer my interest in the property to my husband who is re-mortgaging with Cumberland Building Society. Could this transfer of equity be completed inside one month?
- My wife and myself have 50:50 shares in a BTL. I am a top rate tax payer. Preferably I would like to do a transfer of equity to her sole name in order mitigate tax on the letting income. Assuming Cumberland Building Society are happy with this the legal fees are inexpensive. What are the implications when we sell? Would my GGT relief be lost.
Sample of information requested in a conveyancing solicitor questionnaire relating to Cumberland Building Society Transfer of Equity
Has one of the registered proprietors passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.
Has consent been obtained from Cumberland Building Society to the proposed transfer of equity?
Please list all persons who occupy the property, their respective ages and relationships to you.
Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what amounts
Please provide the details of anyone who jointly owns the premises with you?
Who will be responsible for the costs of the Transfer of Equity?
Important warnings to consider in supplemental the above Cumberland Building Society transfer of equity Advice :
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 Cumberland Building Society conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold premises
If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not complied with 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 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 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 is dependent on the market value of the property at the conclusion of the transfer of equity conveyancing.
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.
Content 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.