Examples of recent questions relating to Darlington Building Society transfer of equity
- Will I incur any fees for a Transfer of Equity where the current mortgage is with Darlington Building Society?
- My partner and I co-own a house in Rye
. Home loan is with Darlington Building Society. I want to transfer full ownership to him with no exchange of money but without using a conveyancer. Do you think this should be simple?
- I already have a home loan with Darlington Building Society and am retaining my existing mortgaging but wish to have it in my name only so my ex won't be on it any longer. How long do Darlington Building Society take to deal with the application?
- I intend to refinance my home in Sedgefield
moving from Birmingham Midshires to Darlington Building Society. The flat is currently in joint names but intend for it to be in my sole name once I switch. My former partner has agreed to this and is happy to transfer equity but neither of us want to incur conveyancing solicitor fees.
- Can I apply to request more money from Darlington Building Society as part of a Transfer of Equity?
- Me and a friend got a joint mortgage with Darlington Building Society on a apartment a couple of years ago. I am now thinking of buying a apartment by myself and my friend would like to buy me out. On the basis that we can settle on a figure what are the next steps? Is there likely to be any concerns with Darlington Building Society with him being responsible for the total loan rather than only half of it?
- I am searching for a trustworthy conveyancing solicitor to assist in a transfer of equity and refinance with Darlington Building Society. I I am fearful of appointing the wrong one and there are various conveyancing solicitors who do transfer of equity conveyancing out there...who do I opt for?
Questions that your lawyer may ask about your Darlington Building Society Transfer of Equity
Is the transfer of equity subject to a court order? If yes please supply a copy
Who will be responsible for the costs of the Transfer of Equity?
Please provide the name(s) and addresse(s) of anyone to be added to the property title?
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Has consent been obtained from Darlington Building Society to the proposed transfer of equity?
Caveats to be read in supplemental the above Darlington 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 Darlington Building Society conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold properties
If your property is leasehold, 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 breach of your covenants under the lease. This could potentially result in 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 lawyer will check with Darlington 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 Darlington 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 valuation of the property at the time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Darlington Building Society your property may be repossessed.
Preparing the Transfer of Equity with a Darlington 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 Darlington 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.