Frequently asked questions relating to Darlington Building Society transfer of equity

• Me and my former wife and I are in the market for an affordable conveyancing solicitor to assist in a transfer of equity and refinance with Darlington Building Society. I really don't want to get ripped off but with many conveyancing organisations who do transfer of equity conveyancing to choose from...how do I know which is best appoint?
• Can I transfer the equity held in my property with my Darlington Building Society mortgage?
• Been looking at consumer blogs that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I need to be transferring equity and simultaneously switching mortgage with Darlington Building Society
• What should I be budgeting for when it comes to what conveyancing charges are for a transfer of equity? I'm in the process of remortgaging - moving over to Darlington Building Society - and have been quoted Three Hundred pounds plus VAT by Darlington Building Society's approved conveyancer, Have I been over quoted?
• My ex are looking to get a conveyancer in place for a remortgage with Darlington Building Society. Transfer of Equity conveyancing is also necessaryI have used the different rating based websites and the results are from all over UK. Do we need to appoint a conveyancing solicitor local to us?
• The financial adviser has recommended their conveyancer for our Transfer of Equity plus remortgage with Darlington Building Society - Is it not simpler easier to just use them?
• I already have a mortgage with Darlington Building Society and am retaining my existing mortgaging but wish to have have the equity transferred to my name alone so my former partner will be removed from the title. How long does the whole transfer of equity process take?

Examples of questions in a conveyancing solicitor form relating to Darlington Building Society Transfer of Equity

Important warnings to consider in supporting 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 properties

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of 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 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 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.

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.