Examples of recent questions relating to Earl Shilton Building Society transfer of equity
- I already have a home loan with Earl Shilton Building Society and am retaining my current mortgaging but wish to have have the equity transferred to my sole name so my ex won't be on it any longer. How long does the whole transfer of equity process take?
- Earl Shilton Building Society yesterday agreed I can take over the home loan on the flat. I have applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds on top?
- How and when do I incur the Stamp Duty Land Tax chargeable for the transfer of equity in my property in my sole name which is happening at the same time as a refinancing via Earl Shilton Building Society?
- Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Earl Shilton Building Society?
- My former wife are seeking to get a conveyancer lined up for a refinance with Earl Shilton Building Society. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over England and Wales. Do we need to instruct a conveyancer local to us?
- What if my application doesn't meet Earl Shilton Building Society lending criteria for a transfer of equity?
- My dad died seven months ago leaving a unencumbered property to me and my half brother in equal shared. He has always lived in the premises, there was a provision in her will specifying that the propertycould not be sold for 2 years following her passing so he could reside there for a prescribed period. He now wants to remain in the premises beyond the specified period. We have discussed a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the usual way to acquire my share?
Questions that your conveyancer could ask regarding your Earl Shilton Building Society Transfer of Equity
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Have you approached Earl Shilton Building Society to obtain consent to the Transfer of Equity
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 provide a copy of your National Insurance Number?
Caveats to be read in further 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
Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 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 is dependent on the market value of the property at finalisation of the transfer of equity transaction.
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 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 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.