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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.

Earl Shilton Building Society transfer of equity example support desk enquires

  • I understand we would need at least AP1 and TR1. Is this true?
  • At what stage do I cover the costs of stamp duty due for the transfer of equity in my home in my sole name which is taking place simultaneously with a remortgage via Earl Shilton Building Society?
  • I am disposing of my share of a property in Woodside to my co-owners fiance, they are reapplying to Earl Shilton Building Society. We are in heated discussion as to who must pay the charges for the transfer of equity. Is this normally split or is one party liable for the charges for?
  • I am completing a Earl Shilton Building Society transfer of equity form and have arrived at the part concerning defaults etc. I do some debts that I have been clearing for a number of years, I understand that they have long since disappeared from my credit score. Am I obliged to set these out?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • What if my application doesn't meet Earl Shilton Building Society lending criteria for a transfer of equity?
  • What should I be budgeting for when it comes to what legal fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Earl Shilton Building Society - and have been quoted £250 plus VAT by Earl Shilton Building Society's approved conveyancing solicitor, Have I been over quoted?

Examples of information requested in a lawyer questionnaire concerning a Earl Shilton Building Society Transfer of Equity

Has one of the registered owners died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

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

Please provide a copy of your National Insurance Number?

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

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

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?

General Advice to read in in addition to the above Earl Shilton Building Society transfer of equity information :

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 titles

If your property is 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 conditions are not complied with you may be in violation of your covenants under 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 conveyancer 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 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 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 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