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.

Questions and answers: Darlington Building Society transfer of equity

  • I am looking for a conveyancer to deal with my transfer of equity. Darlington Building Society are dealing with the remortgage. I considered asking my financial adviser. I understand he will likely receive a kickback for recommending a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?
  • Darlington Building Society have today agreed I can take over the mortgage on my home. I had applied for a transfer of equity but is this a transfer of ownership of the house on top?
  • My divorce has gone through as is the consent order. Now I must sort out the transfer of equity at the HMLR and the Darlington Building Society home loan. I have contacted Darlington Building Society for the transfer of equity application. What happens next?
  • How do I go about adding or removing names (transfer of equity) to or from my Darlington Building Society mortgage account?
  • As things stand I have a joint Darlington Building Society mortgage with my brother and am investigating the feasibility of him assuming responsibility for the outstanding mortgage and removing myself from it, so as to enable me to purchase a property with my soon-to-be-wife. The outstanding mortgage is about 200k, and the property value is in the region 500k. Is this a transfer of equity? Is stamp duty payable?
  • 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 conveyancing. Can you recommend a reasonably priced Friern Barnet lawyer to deal with the transfer of equity? They need to be on the Darlington Building Society conveyancing panel.
  • What are the average solicitors fees are for a transfer of equity? I'm in the process of remortgaging - new loan with Darlington Building Society - and have been quoted £250 including VAT by Darlington Building Society's appointed conveyancer, Have I been over quoted?

Examples of questions in a conveyancer questionnaire concerning a Darlington Building Society Transfer of Equity

Have you approached Darlington Building Society to obtain consent to 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

Please give the name(s) and addresse(s) of anyone to be extracted from the title deeds?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

Who will be responsible for the costs of the Transfer of Equity?

Caveats to be read in supporting the above Darlington Building Society transfer of equity Advice :

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 titles

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such restrictions are not strictly observed 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 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 is dependent on the valuation of the property at finalisation 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 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 lawyer 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 does not constitute 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