Common questions relating to Darlington Building Society transfer of equity
- My former wife are planning to get a conveyancer lined up for a refinance with Darlington Building Society. Transfer of Equity conveyancing is also requiredI have used the different rating based tools and the results are from all over UK. Is it important to have a conveyancing solicitor local to us?
- I recently purchased a apartment without my fiance’s name on the ownership paperwork. My lawyer advised it is because she is not in the loan offer with Darlington Building Society. I'm wondering is there any way that I can put her name on the title?
- I am in the process of removing a name from a joint mortgage and the Darlington Building Society need me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Ampthill conveyancing solicitor to deal with the transfer of equity? They need to be on the Darlington Building Society conveyancing panel.
- Me and my former fiance and I are are looking to find a responsive conveyancing solicitor to assist in a transfer of equity and refinance with Darlington Building Society. I I am fearful of by bill escalating out of control but with so many conveyancing firms who do transfer of equity conveyancing out there...how do I know which is best select?
- My divorce is through as is the consent order. Now I need to address the transfer of equity for the property and the Darlington Building Society mortgage. I have contacted Darlington Building Society for the transfer of equity forms. What do I do now?
- Me and a friend got a joint mortgage with Darlington Building Society on a flat in 2013. I am now thinking of purchasing a flat on my own and my friend would like to buy me out. Assuming we can agree a price what happens next? Would there be any potential concerns with Darlington Building Society with him being responsible for the total mortgage rather than only half of it?
- Can you tell me how to have someone removed off the title documents to a property where the home loan is with Darlington Building Society
Questions that your conveyancer could ask regarding your Darlington Building Society 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?
Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?
If are intent on holding 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 give the name(s) and addresse(s) of those who jointly own the premises with you?
Please list all persons who occupy the property, their respective ages and relationships to you.
Please give the details of anyone to be added to the title deeds?
General Advice to read in supplemental the above Darlington Building Society transfer of equity information :
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, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with 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 as a result of 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 valuation of the property at the time of completion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Darlington Building Society.
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 provided 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.
