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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.

Common questions relating to Darlington Building Society transfer of equity

  • After 2 a couple of years apart I have made the decision to transfer my share of our house to my husband who is refinancing with Darlington Building Society. Could this transfer of equity be completed inside one month?
  • I am planning on removing a name from a joint mortgage and the Darlington Building Society require me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Heathfield lawyer to deal with the transfer of equity? They need to be on the Darlington Building Society conveyancing panel.
  • How and when do I incur stamp duty chargeable for the transfer of equity in my property in my name alone which is happening simultaneously with a remortgage via Darlington Building Society?
  • I own a apartment in Crabtree , with a Darlington Building Society mortgage with my former partner. Him and his new partner are going to acquire my share. We had approval from Darlington Building Society to remove my name with hers. The transfer of equity needs to be completed by a lawyer for Darlington Building Society (supposedly). Is it possible for us to do the Land Registry formalities?
  • I am filling out a Darlington Building Society transfer of equity form and have come to the questions regarding debts etc. There are some debts that I have been discharging since 2008, in fact they have long since disappeared from my credit score. Must I set these out?
  • Can you tell me how to have someone removed off the deeds to a property if the home loan is with Darlington Building Society
  • How do I go about adding or subtracting names (transfer of equity) to or from my Darlington Building Society mortgage account?

Sample of information requested in a conveyancer questionnaire concerning a Darlington Building Society Transfer of Equity

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

Where you 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?

Is it the case that one of the registered owners passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please give the details of anyone to be removed from the property title?

Please give the details of anyone to be added to the property title?

Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what sums

Information to consider in supplemental the above Darlington Building Society transfer of equity Advice :

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 titles

Should the tenure of your property be 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 landlord. If such terms are not adhered to 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 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 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 lawyer 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