Recently asked questions relating to Earl Shilton Building Society transfer of equity
- I own a flat in Friern Barnet
, with a Earl Shilton Building Society loan with my former partner. Him and his new partner are going to acquire my share. We had approval from Earl Shilton Building Society to remove my name with hers. The transfer of equity has to be completed by a conveyancer for Earl Shilton Building Society (apparently). Can we do the Land Registry change?
- My decree absolute is through as is the consent order. Now I need to deal with 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 do I do now?
- Me and a friend got a joint mortgage with Earl Shilton Building Society on a property about a year ago. I am now thinking of purchasing a flat on my own and my friend would like to buy me out. On the basis that we can settle on a price where do we go? Would there be any potential concerns with Earl Shilton Building Society with him being responsible for the total mortgage rather than only part of it?
- Taking into account that we have been three years apart I have made the decision to transfer my interest in our former home to my husband who is refinancing with Earl Shilton Building Society. Can a transfer of equity be done inside four weeks?
- Will I have to pay any fees for a Transfer of Equity where the current mortgage is with Earl Shilton Building Society?
- I got my Decree Absolute in 2011. For some reason I never got around to transfer ownership from the current 'joint' status to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Earl Shilton Building Society is willing to transfer the property and loan in my name (financial checks done). Does my ex need any legal representation?
- I purchased a property with a friend in 2008 Since then, we have both got married. We are now intending to do a transfer of equity so my name is taken off the Earl Shilton Building Society mortgage. There is a 30k difference between the value the lender hold and what the property would sell for currently. Can you offer any advice?
Questions that your conveyancer could ask in relation to your Earl Shilton Building Society Transfer of Equity
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please provide a copy of your National Insurance Number?
Please give the details of anyone to be added to the title deeds?
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?
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 give the name(s) and addresse(s) of anyone to be extracted from the property title?
Information to consider in supporting 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 properties
If your property is leasehold, the lease may require that you have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger 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 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 finalisation of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Earl Shilton Building Society.
Preparing the Transfer of Equity with a Earl Shilton Building Society Mortgage
When it comes to preparing the the Land Registry documents your conveyancing solicitor 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 lawyer 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 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.
