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

• What are my options where I am unhappy with the lawyer who conducted my transfer of equity transaction?
• My former wife are seeking to get a conveyancing solicitor in place for a remortgage with Leeds Building Society. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over England and Wales. Do we need to have a conveyancing solicitor local to us?
• I am selling my share of a apartment in Hendon to the other co-owners husband, they are reapplying to Leeds Building Society. We are in heated discussion as to who should pay the legal bill for the transfer of equity. Is this usually split or is one party liable for the costs of?
• I am planning on removing a name from a joint mortgage and the Leeds Building Society need me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Crabtree lawyer to deal with the transfer of equity? They need to be on the Leeds Building Society conveyancing panel.
• When it comes to transfer of equity conveyancing involving a remortgage with Leeds Building Society should I be invoiced value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• My Leeds Building Society home loan we jointly entered into with ex, who has agreed to be removed and put the house in my name alone. Leeds Building Society will permit the transfer of equity to me solely. Do Leeds Building Society call my employer to confirm my salary?
• I recently purchased a apartment without my wife's name on the title documents. My lawyer said it is because she was not in the loan offer with Leeds Building Society. I'm wondering is there any way that I can put her name on the documents at HM Land Registry?

Questions that your lawyer may ask regarding your Leeds Building Society Transfer of Equity

General Advice to read in supplemental the above Leeds Building Society transfer of equity Info :

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 have a license to do so from the freeholder. If such conditions are not complied with 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 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 finalisation 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 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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content on 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.