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Earl Shilton Building Society

Common questions relating to Earl Shilton Building Society transfer of equity

  • I am are seeking to find a responsive conveyancing solicitor to help me sell in a transfer of equity and remortgage with Earl Shilton Building Society. I I am fearful of being overcharged but with so many conveyancing organisations who do transfer of equity conveyancing to pick from...how do I know which one to appoint?
  • I am selling my equity in apartment in Hendon to my co-owners fiance, they are sticking with Earl Shilton Building Society as the the existing mortgage company. We are in heated discussion as to who should cover the charges for the transfer of equity. Is this usually split or is one of us liable for the costs of?
  • What can I do where I am dissatisfied with the lawyer who undertook my transfer of equity conveyancing?
  • Law month I split up with my ex of 18 years. I'm now living with my mum and dad and she wants to stay in the property and buy me out. What portion do I get. Is it 50% of the equity after redeeming the Earl Shilton Building Society home loan? I assume proper valuations are necessary but I would like ensure that I'm getting I am not being walked over
  • I recently purchased a flat without my partner's name on the title documents. My conveyancer advised it is due to the fact that she was not in the loan offer with Earl Shilton Building Society. Is it possible for me to put her name on the documents at HMLR?
  • My Earl Shilton Building Society mortgage we jointly entered into with ex, he has agreed to come off the deeds and put the house in my name alone. Earl Shilton Building Society will permit the transfer of equity to me solely. Will Earl Shilton Building Society contact my company to verify my salary?
  • My divorce has gone through as is the consent order. Now I have to sort out the transfer of equity on title deeds and the Earl Shilton Building Society mortgage. I have asked Earl Shilton Building Society for the transfer of equity application. What are my next steps?

Information that may be required from your lawyer could ask regarding your Earl Shilton Building Society Transfer of Equity

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?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

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)

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Please provide the details of anyone to be added to 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?

Information to consider in supporting the above Earl Shilton 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 Earl Shilton 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger 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 conveyancer will check with Earl Shilton 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 Earl Shilton 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 conclusion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Earl Shilton Building Society.

Preparing the Transfer of Equity with a Earl Shilton 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 Earl Shilton 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 Earl Shilton Building Society transfer of equity