LenderPanel.com

Find a Law Firm approved by
Darlington Building Society

Are you in need of a Transfer of Equity with a Darlington Building Society mortgage? Failing to check that a lawyer is on the Darlington Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Sample questions relating to Darlington Building Society transfer of equity

  • How and when do I pay the Stamp Duty Land Tax due for the transfer of equity in my property in my sole name which is taking place simultaneously with a remortgage with Darlington Building Society?
  • Will I incur any charges for a Transfer of Equity where the existing home loan is with Darlington Building Society?
  • Our mortgage broker has suggested using their conveyancing solicitor for our Transfer of Equity plus remortgage with Darlington Building Society - Surely it’s better to just use them?
  • My Darlington Building Society mortgage is in joint names with ex, who 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 write my company to check my salary?
  • Can I apply to borrow a further advance from Darlington Building Society as part of a Transfer of Equity?
  • What do I do if I am not happy with the conveyancing solicitor who handled our transfer of equity conveyancing?
  • When it comes to transfer of equity conveyancing involving a remortgage with Darlington Building Society should I be invoiced value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee

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

Has consent been obtained from Darlington Building Society to the proposed transfer of equity?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

If 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?

Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?

Is the transfer of equity subject to a court order? If yes please supply a copy

Please give the details of anyone to be extracted from the title deeds?

Information to consider in further to the above Darlington Building Society transfer of equity Questions and Answers :

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 Darlington 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in 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 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 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.

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.


Frequently asked questions relating to Darlington Building Society transfer of equity