Common questions relating to Earl Shilton Building Society transfer of equity

• Earl Shilton Building Society have just agreed I can take over the home loan on my home. I had applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds in addition?
• My Earl Shilton Building Society home loan is in joint names with ex, he is agreeable to be removed and let me have the property. Earl Shilton Building Society have consented to the transfer of equity to my individual name. Will Earl Shilton Building Society call my boss to check my salary?
• Am I best advised stop my mortgage payments with Earl Shilton Building Society once a date for my remortgage and transfer of equity has been agreed?
• My divorce is through as is the consent order. Now I need to address the transfer of equity at the land registry and the Earl Shilton Building Society mortgage. I have asked Earl Shilton Building Society for the transfer of equity application. What happens next?
• My ex-fiance and I are in the market for an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Earl Shilton Building Society. I I am concerned about appointing the wrong one but with lots of conveyancing organisations who do transfer of equity conveyancing out there...who do I opt for?
• I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with Earl Shilton Building Society?

Questions that your lawyer may ask regarding your Earl Shilton Building Society Transfer of Equity

Important warnings to consider 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 titles

If your property is leasehold, the lease may require that you have a license to do so from the freeholder. If such conditions are not strictly observed you may be in breach 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 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 lawyer 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 is dependent on the market value of the property at the conclusion of the transfer of equity conveyancing.

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 lawyer 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.