LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Earl Shilton Building Society

Top seven questions relating to Earl Shilton Building Society transfer of equity

  • Is it possible to apply to borrow more money from Earl Shilton Building Society as part of a Transfer of Equity?
  • I got my Decree Absolute four years ago. I simply never got around to change the ownership from both our names to my sole name. I am ready to do that and so is she. Transfer-of-equity is needed. Earl Shilton Building Society is willing to transfer the property and loan in my name (financial checks done). Does my ex need a lawyer?
  • My partner and I have equal shares in a buy to let. I am a top rate tax payer. Ideally I would like to do a transfer of equity into her name with a view to reduce our tax on the letting income. Assuming Earl Shilton Building Society are happy with this the legal fees are inexpensive. However what happens when we dispose of the property? As I would no longer be on the title documents would I lose my CGT relief.
  • What are my options where I am not happy with the conveyancer who carried out my transfer of equity transaction?
  • Earl Shilton Building Society have today agreed I can take over the mortgage on my home. I previously applied for a transfer of equity but presumably there is a transfer of ownership at HMLR as well?
  • My Earl Shilton Building Society mortgage we jointly entered into with ex, who is agreeable to come off the deeds and let me have the property. Earl Shilton Building Society will permit the transfer of equity to me solely. Do Earl Shilton Building Society write my company to confirm my salary?
  • Me and my partner jointly own a property in Sedgefield . Home loan is with Earl Shilton Building Society. I would like to transfer full ownership to him with no exchange of money but without using a lawyer. Do you think this should be simple?

Questions that your conveyancer may ask in relation to your Earl Shilton Building Society Transfer of Equity

Where you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Please provide the name(s) and addresse(s) of those who jointly own the premises with you?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Has one of the registered proprietors passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

Would you like us to prepare Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?

Please give the name(s) and addresse(s) of anyone to be added to the property title?

General Advice to read in supplemental the above Earl Shilton Building Society transfer of equity information :

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 premises

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of 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 situations, 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 valuation of the property at the time of completion 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