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

Examples of recent questions relating to Earl Shilton Building Society transfer of equity

  • My Earl Shilton Building Society mortgage is in joint names 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 employer to verify my salary?
  • I am considering remortgaging my flat in Blaenavon does my lawyer have to be on the Earl Shilton Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
  • What can I do where I am dissatisfied with the lawyer who undertook our transfer of equity conveyancing?
  • I am disposing of my equity in property in Warwick to my co-owners husband, they are reapplying to Earl Shilton Building Society. We are haggling as to who must pay the charges for the transfer of equity. Should this be split or is one of us obliged to cover the costs of?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Earl Shilton Building Society?
  • Been reviewing consumer blogs that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I am transferring equity and at the same time refinancing with Earl Shilton Building Society
  • In 2009 I bought a apartment without my fiance’s name on the ownership paperwork. My conveyancer said it is due to the fact that she was not in the loan offer with Earl Shilton Building Society. Is it possible for me to put her name on the deeds?

Examples of questions in a conveyancer questionnaire concerning a Earl Shilton Building Society Transfer of Equity

Is there to be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what figure

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

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Please provide the name(s) and addresse(s) of anyone to be extracted from the property title?

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

Information to consider in supporting the above Earl Shilton Building Society transfer of equity Advice :

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 properties

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. 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 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 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 finalisation 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 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 lawyer 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.


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