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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.

Frequently asked questions relating to Leeds Building Society transfer of equity

  • I am answering a Leeds Building Society transfer of equity request and have come to the questions regarding defaults etc. I do some debts that I have been clearing since 2008, in fact they have long since disappeared from my credit records. Must I set these out?
  • I co-own a house in Blaenavon , with a Leeds Building Society mortgage with my former partner. He and his new partner are going to acquire my share. We had approval from Leeds Building Society to replace my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Leeds Building Society (supposedly). In order to save fees can I deal with the Land Registry formalities?
  • 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 websites and the results are from all over the country. Do we need to instruct a lawyer local to us?
  • My fiance and I jointly own a buy to let. I am a higher rate tax payer. Preferably I wish to complete a transfer of equity into her name with a view to mitigate tax on rental income. Assuming Leeds Building Society are fine with this the legal fees are not high. However what happens when we dispose of the property? As I would no longer be on the deeds would I lose my CGT relief.
  • Can I transfer the equity held in my property with my Leeds Building Society mortgage?
  • My financial adviser has suggested using their lawyer for our Transfer of Equity plus remortgage with Leeds Building Society - Surely it’s advisable to just use them?
  • I plan to remortgage my apartment in Witham changing from Barnsley BS to Leeds Building Society. The maisonette is jointly owned but propose for it to be in my sole name once I switch. My wife is OK with this and is happy to sign a form but neither of us want to incur conveyancing solicitor fees.

Sample of questions in a lawyer questionnaire concerning a Leeds Building Society Transfer of Equity

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 the same

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

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

Has one of the registered owners died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Would you like us to prepare Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

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

General Advice to read in in addition to 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 have a requirement for notices to be served and that you obtain the consent of the landlord. 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 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 conveyancing solicitor 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 transaction.
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 conveyancing solicitor 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 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.


Frequently asked questions relating to Leeds Building Society transfer of equity