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Earl Shilton Building Society

Top seven questions relating to Earl Shilton Building Society transfer of equity

  • Have recently split up with my wife of thirty years. I'm now living with my mum and dad and she wants to remain in the property and pay me off. What portion do I get. Is it half of the equity after redeeming the Earl Shilton Building Society home loan? I assume proper valuations are required but I really need ensure that I'm getting what I am entitled to
  • Is there such a thing a transfer of equity stamp duty calculator?
  • What do I need to do when it comes adding or removing names (transfer of equity) to or from my Earl Shilton Building Society mortgage account?
  • I am disposing of my share of a apartment in Warwick to my co-owners fiance, they are reapplying to Earl Shilton Building Society. We are debating as to who should cover the costs of the transfer of equity. Is this normally split or is one of us obliged to cover the costs of?
  • Can I apply to request more money from Earl Shilton Building Society as part of a Transfer of Equity?
  • I acquired a property with my brother six years ago Since then, we have both got married. We are now intending to do a transfer of equity so my name comes off the Earl Shilton Building Society mortgage. There is a 40k difference between the value the bank say and what the property would sell for currently. Can you offer any advice?
  • My -ex-husband and I are in the market for a responsive conveyancing lawyer to help me sell in a transfer of equity and refinance with Earl Shilton Building Society. I am aware of the dangers of getting ripped off but with lots of conveyancing firms who do transfer of equity conveyancing out there...who's the best?

Questions that your conveyancer could ask in relation to your Earl Shilton Building Society Transfer of Equity

Have you approached Earl Shilton Building Society to obtain consent to the Transfer of Equity

Please provide the details of those who jointly own the property with you?

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

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

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

Caveats to be 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, provisions in the lease may require that you obtain the consent of the landlord. 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.

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 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 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 varies based on the valuation of the property at the time of completion 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 conveyancing solicitor 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.


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