Earl Shilton Building Society transfer of equity example support desk enquires
- Last year purchased a house without my fiance’s name on the title documents. My lawyer claimed it is due to the fact that she was not in the loan offer with Earl Shilton Building Society. I'm wondering is there any way that I can add her name on the title?
- I am hoping to remortgage my maisonette in Wakefield
moving from Skipton to Earl Shilton Building Society. The flat is jointly owned but wish for it to be in my sole name once I transfer. My wife has verbally consented to this and is willing to transfer equity but neither of us want to get a second lawyer involved.
- What should I be budgeting for when it comes to what solicitors charges are for a transfer of equity? I'm in the process of remortgaging - moving over to Earl Shilton Building Society - and have been quoted £350 excluding VAT by Earl Shilton Building Society's approved lawyer, Is this a reasonable price?
- Law month I split up with my ex of 18 years. I'm now living with my mum and dad and she wants to remain in the property and buy me out. What percentage am I entitled to. Is it 50% of the equity after redeeming the mortgage with Earl Shilton Building Society? I assume proper valuations are required but I would like ensure that I'm getting what I am entitled to
- My decree absolute is through as is the consent order. Now I need to sort out the transfer of equity on title deeds and the Earl Shilton Building Society mortgage. I have asked Earl Shilton Building Society for the transfer of equity forms. What are my next steps?
- I am filling out a Earl Shilton Building Society transfer of equity form and have arrived at the part concerning debts etc. There are some debts that I have been reducing since 2008, in fact they have long since disappeared from my credit rating. Am I obliged to reveal these?
- My Earl Shilton Building Society mortgage we jointly entered into with ex, he has agreed to be removed and let me have the property. Earl Shilton Building Society will permit the transfer of equity to my individual name. Will Earl Shilton Building Society call my boss to check my salary?
Examples of questions in a lawyer questionnaire relating to Earl Shilton Building Society Transfer of Equity
Would you like us to draw up a Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Have you approached Earl Shilton Building Society to obtain consent to the Transfer of Equity
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Is the transfer of equity subject to a court order? If yes please supply a copy
Please provide the details of anyone to be extracted from the title deeds?
General Advice to read in in addition to the above Earl Shilton Building Society transfer of equity Questions and Answers :
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, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger 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.
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 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 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 does not constitute 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.
