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Earl Shilton Building Society

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

  • My Earl Shilton Building Society home loan is in joint names with ex, he has agreed to come off the mortgage and put the house in my name alone. Earl Shilton Building Society have consented to the transfer of equity to me solely. Will Earl Shilton Building Society write my boss to check my salary?
  • Earl Shilton Building Society have today agreed I can take over the mortgage on the flat. I have applied for a transfer of equity but is this a transfer of ownership of the house in addition?
  • How do I go about adding or subtracting names (transfer of equity) to or from my Earl Shilton Building Society mortgage account?
  • Do I need legal advice when doing a transfer of equity where the home loan is to remain with Earl Shilton Building Society?
  • How and when do I cover the costs of the Stamp Duty Land Tax chargeable for the transfer of equity in my house in my name alone which is taking place simultaneously with a switching mortgage via Earl Shilton Building Society?
  • My brother and I got a joint mortgage with Earl Shilton Building Society on a house about a year ago. I am now thinking of purchasing a apartment by myself and my friend would like to buy me out. On the basis that we can settle on a price where do we go? Is there likely to be any concerns with Earl Shilton Building Society with him being responsible for the total loan as opposed to only half of it?
  • What is the process for having someone removed from the title documents to a house where the home loan is with Earl Shilton Building Society

Information that may be required from your lawyer is likely to ask about your Earl Shilton Building Society Transfer of Equity

Please provide a copy of your National Insurance Number?

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

Can you give the details of anyone who jointly owns the premises with you?

Please list all persons who occupy the property, their respective ages and relationships to 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?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Caveats to be read in in addition to the above Earl Shilton Building Society transfer of equity Info :

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 titles

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 your covenants under the lease. This could trigger 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 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 varies based on the valuation 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 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 conveyancer 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.


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