LenderPanel.com

Find a Law Firm approved by
Earl Shilton Building Society

Are you in need of a Transfer of Equity with a Earl Shilton Building Society mortgage? Failing to check that a lawyer is on the Earl Shilton 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.

Frequently asked questions relating to Earl Shilton Building Society transfer of equity

  • What do I do if I am dissatisfied with the conveyancer who undertook our transfer of equity transaction?
  • I am searching for a trustworthy conveyancing solicitor to help me sell in a transfer of equity and remortgage with Earl Shilton Building Society. I am aware of the risk of getting ripped off and there's plenty conveyancing practices who do transfer of equity conveyancing to pick from...who do I opt for?
  • Is it sensible to stop the direct debit for my mortgage with Earl Shilton Building Society as soon as a date for my remortgage and transfer of equity has been set?
  • I currently have a joint Earl Shilton Building Society mortgage with my cousin and am investigating the option of him assuming responsibility for the whole mortgage and removing myself from it, so as to enable me to buy a property with my soon-to-be-wife. The remaining mortgage is about 300k, and the property value is approx 450k. Is this a transfer of equity? Is land tax due?
  • I am refinancing my flat in Crabtree does my lawyer have to be on the Earl Shilton Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
  • I already have a mortgage with Earl Shilton Building Society and am keeping my current mortgaging but seeking to have have the equity transferred to my name alone so my former wife will no longer be on the title. How long does the whole transfer of equity process take?
  • How much the typical conveyancing fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Earl Shilton Building Society - and have been quoted £250 excluding VAT by Earl Shilton Building Society's appointed conveyancer, Have I been over quoted?

Information that may be required from your conveyancer could ask in relation to your Earl Shilton Building Society Transfer of Equity

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

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

Would you like us to draft you Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?

Please confirm where you are providing any payment for the Transfer of Equity and to whom and specify any such sums?

Is it the case that one of the registered owners passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

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

General Advice to read in conjunction with the above Earl Shilton Building Society transfer of equity Questions and Answers :

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 premises

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in 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 conveyancing solicitor 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 time of completion 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 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 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 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