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Earl Shilton Building Society

Are you in need of a Transfer of Equity with a Earl Shilton Building Society mortgage? Failing to check that a lawyer is on the Earl Shilton Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

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

  • How and when do I incur stamp duty chargeable for the transfer of equity in my house in my name alone which is happening simultaneously with a remortgage with Earl Shilton Building Society?
  • What are my options where I am unhappy with the lawyer who handled my transfer of equity transaction?
  • I got divorced in 2012. For some reason I never dealt with the change the ownership from the current 'joint' status to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. Earl Shilton Building Society is happy to transfer the full equity in my name (affordability checks done). Does my ex need a solicitor?
  • My current home loan is with Earl Shilton Building Society. Can I transfer equity to someone less than eighteen years old?
  • Am I best advised stop the direct debit for my mortgage with Earl Shilton Building Society once a date for my remortgage and transfer of equity has been set?
  • Can you tell me how to have a person removed from the deeds to a house if the home loan is with Earl Shilton Building Society
  • My fiance and myself have equal shares in a buy to let. I am a top rate tax payer. Preferably I wish to do a transfer of equity to her sole name in order mitigate tax on rental income. If Earl Shilton Building Society are happy with this the legal fees are inexpensive. However what happens when we dispose of the property? Would my GGT relief be lost.

Examples of information requested in a conveyancer form concerning a Earl Shilton Building Society Transfer of Equity

Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

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

Has consent been obtained from Earl Shilton Building Society to the proposed transfer of equity?

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

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

Please give the details of those who jointly own the premises with you?

Information to consider in conjunction with the above Earl Shilton Building Society transfer of equity Info :

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 require that you obtain the consent of 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 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 market value of the property at the time of completion 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 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