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Furness Building Society

Frequently asked questions relating to Furness Building Society transfer of equity

  • My -ex-husband and I are are looking to find an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with Furness Building Society. I want to avoid being ripped off but with so many conveyancing solicitors who do transfer of equity conveyancing to choose from...who do I opt for?
  • Am I best advised stop my mortgage payments with Furness Building Society once a date for my remortgage and transfer of equity has been set?
  • I acquired a property with my brother six years ago Since then, we have both got married. We are now seeking to do a transfer of equity so my name comes off the Furness Building Society mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • Will I incur any fees for a Transfer of Equity where the current mortgage is with Furness Building Society?
  • My former husband are looking to get a lawyer lined up for a remortgage with Furness Building Society. Transfer of Equity conveyancing is also necessaryI have used the different rating based services and the results are from all over UK. Do we need to have a conveyancer local to us?
  • After a number of years separated I have made the decision to give up my share of the property to my husband who is re-mortgaging with Furness Building Society. Can a transfer of equity be completed in less than 28 days?
  • My partner and myself jointly own a BTL. I am a top rate tax payer. Ideally I would like to do a transfer of equity into her name with a view to mitigate tax on the letting income. Assuming Furness Building Society are happy with this the legal fees are inexpensive. What are the implications when we dispose of the property? Would my GGT relief be lost.

Examples of questions in a conveyancer form concerning a Furness Building Society Transfer of Equity

If you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Please list all persons who occupy the property, their respective ages and relationships to you.

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

Have you approached Furness Building Society to seek consent to the Transfer of Equity

Is it the case that one of the registered proprietors passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Please confirm where you are providing any payment for the Transfer of Equity and to whom and specify the amount?

Important warnings to consider in supporting the above Furness 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 Furness Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach of your covenants under 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 conveyancer will check with Furness 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 Furness 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 valuation of the property at the conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Furness Building Society.

Preparing the Transfer of Equity with a Furness 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 Furness 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 Furness Building Society transfer of equity