Examples of recent questions relating to Leeds Building Society transfer of equity

• I understand we would need at least AP1 and Transfer Deed. Is this true?
• Am I best advised cancel my mortgage payments with Leeds Building Society as soon as a date for my remortgage and transfer of equity has been agreed?
• I got my Decree Absolute three years ago. I simply never dealt with the change the ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Leeds Building Society is happy to transfer the property and loan in my name (financial checks done). Does she need a conveyancer?
• I am filling out a Leeds Building Society transfer of equity request and have arrived at the section regarding debts etc. There are some debts that I have been clearing over a long period, I understand that they have long since disappeared from my credit records. Must I reveal these?
• I co-own a property in Witham , with a Leeds Building Society loan with my ex partner. Him and his fiance are going to buy me out. We had approval from Leeds Building Society to substitute my name with hers. The transfer of equity needs to be done by a conveyancer for Leeds Building Society (supposedly). In order to save fees can I deal with the Land Registry formalities?
• Is it possible to transfer the equity held in my property with my Leeds Building Society home loan?
• Me and my former fiance and I are searching for an affordable conveyancing solicitor to help me sell in a transfer of equity and remortgage with Leeds Building Society. I am aware of the chance of getting ripped off but with various conveyancing practices who do transfer of equity conveyancing out there...who do I opt for?

Sample of questions in a lawyer form relating to Leeds Building Society Transfer of Equity

Important warnings to consider in supporting the above Leeds Building Society transfer of equity Advice :

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 Leeds 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 have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in 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 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 lawyer will check with Leeds 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 Leeds 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 conveyancing.

Preparing the Transfer of Equity with a Leeds 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 Leeds 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 provided on 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.