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

Leeds Building Society transfer of equity: q and a’s

  • My fiance and myself have equal shares in a buy to let. I am a higher rate tax payer. Ideally I wish to complete a transfer of equity to her sole name with a view to reduce our tax on the letting income. Assuming Leeds Building Society are happy with this the legal fees are not high. However what happens when we sell? Would my GGT relief be lost.
  • I acquired a house with a friend five.seven years ago Since buying the property, we have both got married. We are now intending to do a transfer of equity so my name comes off the Leeds Building Society mortgage. There is a 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • I intend to remortgage my maisonette in Romsey switching from Yorkshire Building Society to Leeds Building Society. The flat is jointly owned but I would like it to be in my name only once I switch. My former partner has verbally consented to this and is happy to transfer equity but neither of us want to get a second conveyancer involved.
  • My former wife are planning to get a lawyer in place for a new mortgage with Leeds Building Society. Transfer of Equity conveyancing is also neededI have used the different rating based services and the results are from all over the country. Do we need to instruct a conveyancing solicitor local to us?
  • I got my Decree Absolute three years ago. Foolishly I never got around to transfer ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Leeds Building Society is willing to transfer the full equity in my name (affordability checks done). Does she need a lawyer?
  • Have recently split up with my wife of 18 years. I'm now living with my mum and dad and she wishes to remain in the apartment and buy me out. What percentage do I get. Is it 50% of the equity after paying off the mortgage with Leeds Building Society? I assume proper valuations are necessary but I really need ensure that I'm getting I am not being walked over
  • My mum died half a year ago leaving a unencumbered house to me and my step brother equally. Having continues to reside at the house, there was a condition in her will specifying that the premisescould not be sold for 2 years following her death so he could reside there for a specified time frame. He now says he would like to remain in the property beyond the specified period. We have discussed a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a mortgage in the usual way to acquire my half from me?

Examples of questions in a conveyancing solicitor questionnaire relating to Leeds Building Society Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

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

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 give the details of anyone to be removed from the property title?

Have you approached Leeds Building Society to obtain consent to the Transfer of Equity

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

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

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 properties

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not strictly observed 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 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 valuation of the property at the time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Leeds Building Society.

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 lawyer 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 Leeds Building Society transfer of equity