Darlington Building Society transfer of equity example support desk enquires

• I am completing a Darlington Building Society transfer of equity request and have arrived at the part concerning debts etc. I do some debts that I have been clearing for a number of years, in fact they no longer remain my credit records. Must I set these out?
• Darlington Building Society yesterday agreed I can take over the home loan on the house. I had applied for a transfer of equity but is this a transfer of ownership of the house on top?
• I bought a flat with my cousin five.seven years ago Since buying the property, we have both got married. We are now looking to do a transfer of equity so my name is taken off the Darlington Building Society mortgage. There is a 30k difference between the value the lender hold and what the property would sell for currently. Can you offer any advice?
• Can I apply to request more money from Darlington Building Society as part of a Transfer of Equity?
• My decree absolute is through as is the consent order. Now I have to deal with the transfer of equity on title deeds and the Darlington Building Society home loan. I have called Darlington Building Society for the transfer of equity forms. What happens next?
• My Darlington Building Society home loan we jointly entered into with ex, he is agreeable to be removed and put the house in my name alone. Darlington Building Society will permit the transfer of equity to me solely. Will Darlington Building Society get in touch with my boss to verify my salary?
• Three years ago I purchased a apartment without my partner's name on the title documents. My lawyer said it is due to the fact that she was not in the loan offer with Darlington Building Society. Is it possible for me to add her name on the deeds?

Questions that your lawyer is likely to ask about your Darlington Building Society Transfer of Equity

Caveats to be read in supporting 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 require that you obtain the consent of 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.

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 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 conveyancer 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 varies based on the market value of the property at the time of completion of the transfer of equity transaction.

Preparing the Transfer of Equity with a Darlington 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 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.