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Leeds Building Society

Common questions relating to Leeds Building Society transfer of equity

  • The financial adviser has recommended their conveyancer for my Transfer of Equity plus remortgage with Leeds Building Society - Is it not simpler advisable to just use them?
  • I plan to remortgage my home in Witham moving from Yorkshire Building Society to Leeds Building Society. The maisonette is currently in joint names but wish for it to be in my sole name once I remortgage. My wife has verbally consented to this and is willing to sign a form but neither of us want to incur conveyancer fees.
  • Am I best advised cancel the direct debit for my mortgage with Leeds Building Society once a date for my remortgage and transfer of equity has been agreed?
  • I already have a mortgage with Leeds Building Society and am retaining my current mortgaging but applying to have it in my name alone so my former wife won't be on it any longer. How long does the whole transfer of equity process take?
  • Me and my partner jointly own a flat in Sedgefield . Home loan is with Leeds Building Society. I would like to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Do you think this should be straightforward?
  • I am looking for a lawyer to undertake my transfer of equity. Leeds Building Society have been approached for a refinancing. I considered asking my financial adviser. I am lead to believe he will likely get a referral fee for recommending someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?
  • What if my application doesn't meet Leeds Building Society lending criteria for a transfer of equity?

Questions that your conveyancer could ask in relation to your Leeds Building Society Transfer of Equity

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

Has consent been obtained from Leeds Building Society to the proposed transfer of equity?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Please confirm where you are making any payment for the Transfer of Equity and to whom and specify any such sums?

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

Please provide the details of anyone to be added to the property title?

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

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 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 obtain the consent of the landlord. If such conditions are not complied with you may be in violation of 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 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 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 varies based on the market value of the property at finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Leeds Building Society your property may be repossessed.

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