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Are you in need of a Transfer of Equity with a Furness Building Society mortgage? Failing to check that a lawyer is on the Furness 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.

Sample questions relating to Furness Building Society transfer of equity

  • I am transferring my equity in flat in Hendon to the other co-owners fiance, they are reapplying to Furness Building Society. We are in heated discussion as to who should pay the costs of the transfer of equity. Is this usually split or is one of us obliged to cover the costs of?
  • I am refinancing my flat in Ampthill does my lawyer have to be on the Furness Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
  • I am planning on removing a name from a joint mortgage and the Furness Building Society need me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Miles Platting conveyancing solicitor to deal with the transfer of equity? They need to be on the Furness Building Society conveyancing panel.
  • I already have a mortgage with Furness Building Society and am maintaining my existing mortgaging but seeking 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?
  • I am filling out a Furness Building Society transfer of equity request and have come to the questions that asks about debts etc. There are some debts that I have been clearing since 2008, in fact they have long since disappeared from my credit rating. Do I need to disclose these?
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Furness Building Society?
  • Is it possible to apply to request a further advance from Furness Building Society as part of a Transfer of Equity?

Sample of information requested in a conveyancer form concerning a Furness Building Society Transfer of Equity

Where you 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?

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

Please provide the name(s) and addresse(s) of anyone to be removed from the title deeds?

Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what sums

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?

Is it the case that one of the registered owners passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

General Advice to read in conjunction with the above Furness 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 Furness 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 require that you obtain the consent of the freeholder. 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.

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 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 varies based on the valuation of the property at the conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Furness Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Furness 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 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.

Content 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.


Frequently asked questions relating to Furness Building Society transfer of equity