Common questions relating to Earl Shilton Building Society transfer of equity
- My decree absolute is through as is the consent order. Now I need to sort out the transfer of equity at the HMLR and the Earl Shilton Building Society home loan. I have asked Earl Shilton Building Society for the transfer of equity forms. What happens next?
- My ex are planning to get a conveyancing solicitor in place for a remortgage with Earl Shilton Building Society. Transfer of Equity conveyancing is also neededI have used the different rating based tools and the results are from all over the country. How necessary is it to appoint a conveyancer local to us?
- Is there such a thing a transfer of equity stamp duty calculator?
- I am disposing of my share of a flat in Woodside to my co-owners husband, they are reapplying to Earl Shilton Building Society. We are haggling as to who should cover the costs of the transfer of equity. Is this usually split or is one of us liable for the fees for?
- Me and a friend got a joint mortgage with Earl Shilton Building Society on a flat about a year ago. I am now thinking of buying a house by myself and my friend would like to buy me out. Once we have agreed an amount what happens next? Is there likely to be any problem with Earl Shilton Building Society with him being solely liable for the total mortgage rather than only part of it?
- What is the process for adding or removing names (transfer of equity) to or from my Earl Shilton Building Society mortgage account?
- Law week I separated from my ex of thirty years. I'm now living with my parents again and she wishes to stay in the apartment and buy me out. What percentage do I get. Is it half of the equity after redeeming the mortgage with Earl Shilton Building Society? I assume proper valuations are necessary but I would like to be sure that I'm getting what I am entitled to
Questions that your conveyancer could ask about your Earl Shilton Building Society Transfer of Equity
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Is the transfer of equity subject to a court order? If yes please supply a copy
Who will be responsible for the costs of the Transfer of Equity?
Where you 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?
Where you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please list all persons who occupy the property, their respective ages and relationships to you.
General Advice to read in conjunction with the above Earl Shilton Building Society transfer of equity Questions and Answers :
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 premises
Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and 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 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 valuation of the property at finalisation 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 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 provided 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.