Common questions relating to Earl Shilton Building Society transfer of equity
- I am considering mortgaging my apartment in Wakefield
does my lawyer need to be on the Earl Shilton Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
- Me and a friend got a joint mortgage with Earl Shilton Building Society on a apartment about a year ago. I am now looking to get a house on my own and my friend would like to buy me out. Assuming we can agree an amount what are the next steps? Is there likely to be any concerns with Earl Shilton Building Society with him being solely liable for the total mortgage as opposed to only half of it?
- Given that we have been 3 years apart I have made the decision to transfer my share of the property to my husband who is re-mortgaging with Earl Shilton Building Society. Can a transfer of equity be done in 28 days?
- What is the process for having someone removed off the title documents to a house if the mortgage is with Earl Shilton Building Society
- I understand we would need at least AP1 and Transfer Deed. Is this true?
- My ex are looking to get a conveyancing solicitor in place for a remortgage with Earl Shilton Building Society. Transfer of Equity conveyancing is also neededI have used the different rating based services and the results are from all over UK. Do we need to have a conveyancer local to us?
- I intend to refinance my home in Timperley
moving from Accord to Earl Shilton Building Society. The home is jointly owned but intend for it to be in my sole name when I remortgage. My husband has agreed to this and is willing to sign a form but neither of us want to get a second lawyer involved.
Sample of questions in a lawyer questionnaire concerning a Earl Shilton Building Society Transfer of Equity
Has consent been obtained from Earl Shilton Building Society to the proposed transfer of equity?
Who will be responsible for the costs of the Transfer of Equity?
Please confirm if you are providing any payment for the Transfer of Equity and to whom and give details of the amount?
Please provide the details of anyone to be removed from the title deeds?
Please list all persons who occupy the property, their respective ages and relationships to you.
If you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Caveats to be read in in addition to the above Earl Shilton Building Society transfer of equity Info :
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 Earl Shilton 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 require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
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.
If you do not keep up the payments on your mortgage with Earl Shilton Building Society your property may be repossessed.
Preparing the Transfer of Equity with a Earl Shilton 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 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 conveyancing solicitor 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 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.