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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.

Frequently asked questions relating to Furness Building Society transfer of equity

  • Me and a friend got a joint mortgage with Furness Building Society on a property a couple of years ago. I am now thinking of buying a house by myself and my friend would like to buy me out. Assuming we can agree a figure where do we go? Is there likely to be any concerns with Furness Building Society with him being responsible for the total loan rather than only half of it?
  • When it comes to transfer of equity conveyancing involving refinance with Furness Building Society should I be charged VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • My partner and I jointly own a flat in Blaenavon . Mortgage is with Furness Building Society. I want to transfer full ownership to him with no payment of money but without using a conveyancer. Is this likely to be simple?
  • What are the average conveyancing charges are for a transfer of equity? I'm in the process of remortgaging - moving over to Furness Building Society - and have been quoted £250 including VAT by Furness Building Society's appointed conveyancer, Have I been over quoted?
  • My divorce has gone through as is the consent order. Now I have to sort out the transfer of equity on title deeds and the Furness Building Society home loan. I have asked Furness Building Society for the transfer of equity forms. What are my next steps?
  • Furness Building Society have just agreed I can take over the home loan on my home. I had applied for a transfer of equity but is this a transfer of ownership of the title deeds as well?
  • My Furness Building Society mortgage we jointly entered into with ex, he has agreed to be removed and let me have the property. Furness Building Society have consented to the transfer of equity to my individual name. Will Furness Building Society write my employer to verify my salary?

Sample of questions in a conveyancer questionnaire relating to Furness Building Society Transfer of Equity

Please give the name(s) and addresse(s) of anyone who jointly owns the property with you?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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

Please provide a copy of your National Insurance Number?

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

Is there to be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what figure

Important warnings to consider in conjunction with the above Furness Building Society transfer of equity Questions and Answers :

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 Furness Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such restrictions are not strictly observed 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 as a result of 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 market value of the property at the time of completion of the transfer of equity transaction.
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 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 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 Furness Building Society transfer of equity