Examples of recent questions relating to Earl Shilton Building Society transfer of equity
- What is the process for adding or subtracting names (transfer of equity) to or from my Earl Shilton Building Society mortgage account?
- I am am in need of a conveyancer to handle my transfer of equity. Earl Shilton Building Society are dealing with the refinancing. I thought of asking my mortgage broker. I understand he will likely get a referral fee for recommending a firm, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Is my logic correct?
- My decree absolute has gone through as is the consent order. Now I have to sort out the transfer of equity at the land registry and the Earl Shilton Building Society home loan. I have asked Earl Shilton Building Society for the transfer of equity forms. What do I do now?
- I am in the process of removing a name from a joint mortgage and the Earl Shilton Building Society require me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Crabtree
conveyancer to deal with the transfer of equity? They need to be on the Earl Shilton Building Society conveyancing panel.
- Am I best advised cancel 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 agreed?
- How and when do I incur the Stamp Duty Land Tax chargeable for the transfer of equity in my home in my name alone which is taking place at the same time as a switching mortgage via Earl Shilton Building Society?
- How much the typical conveyancing costs are for a transfer of equity? I need to transfer equity and remortgage - new loan with Earl Shilton Building Society - and have been quoted Three Hundred pounds plus VAT by Earl Shilton Building Society's appointed conveyancer, Is this is a good price or not?
Information that may be required from your conveyancing solicitor may ask regarding your Earl Shilton Building Society Transfer of Equity
Is the transfer of equity subject to a court order? If yes please supply a copy
Please let us know where you are providing any payment for the Transfer of Equity and to whom and disclose the amount?
Is it the case that one of the registered proprietors passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
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?
Who will be responsible for the costs of the Transfer of Equity?
Please provide the details of anyone to be added to the title deeds?
Important warnings to consider in further 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
Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the freeholder. 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.
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 varies based on the market value of the property at the time of completion of the transfer of equity conveyancing.
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 conveyancer 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.
Information contained within 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.