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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

  • Is it possible to apply to borrow more money from Earl Shilton Building Society as part of a Transfer of Equity?
  • Online research suggests that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I am transferring equity and at the same time remortgaging with Earl Shilton Building Society
  • Law month I separated from my partner of 18 years. I'm now living with my parents again and she wants to remain in the apartment and pay me off. What portion do I get. Is it 50% of the equity after redeeming the mortgage with Earl Shilton Building Society? I assume proper valuations are necessary but I really need to be confident that I'm getting the best deal
  • My former wife are seeking to get a conveyancer in place for a new mortgage with Earl Shilton Building Society. Transfer of Equity conveyancing is also necessaryI have used the different rating based services and the results are from all over England and Wales. How necessary is it to have a conveyancer local to us?
  • I am in the process of removing a name from a joint mortgage and the Earl Shilton Building Society need me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Witham conveyancer to deal with the transfer of equity? They need to be on the Earl Shilton Building Society conveyancing panel.
  • I currently have a joint Earl Shilton Building Society mortgage with my cousin and am looking into the option of him taking on the whole mortgage and extracting myself from it, so as to enable me to buy somewhere with my soon-to-be-wife. The remaining mortgage is approx 175k, and the property value is approx 450k. Is this a transfer of equity? Is stamp duty due?
  • At what stage do I pay the Stamp Duty Land Tax payable for the transfer of equity in my home in my name alone which is taking place simultaneously with a switching mortgage via Earl Shilton Building Society?

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

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

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

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” Form.

Please let us know where you are making any payment for the Transfer of Equity and to whom and give details of the amount?

Please let us know of you wish 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 give the details of anyone to be added to the title deeds?

Information to consider in further 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 properties

If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach of 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 situations, 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 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 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 conveyancing solicitor 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