Leeds Building Society transfer of equity example support desk enquires

• When it comes to transfer of equity conveyancing involving refinance with Leeds Building Society should I be paying value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• I bought a property with my cousin in 2009 Since purchasing 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 value the lender hold and what the property would sell for currently. Can you offer any advice?
• My ex are planning to get a lawyer lined up for a remortgage with Leeds Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based services and the results are from all over UK. Is it important to instruct a lawyer local to us?
• My divorce is through as is the consent order. Now I have to deal with the transfer of equity for the property and the Leeds Building Society home loan. I have asked Leeds Building Society for the transfer of equity forms. What are my next steps?
• I am looking for a lawyer to undertake my transfer of equity. Leeds Building Society have been approached for a refinancing. I thought of asking my financial adviser. I am lead to believe he will likely receive a kickback for recommending someone, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Any flaws you see in this way of thinking?
• My fiance and I jointly own a investment property. I am a higher rate tax payer. Preferably I wish to complete a transfer of equity to her sole name in order reduce our tax on the letting income. If Leeds Building Society are fine with this the legal fees are not prohibitive. However what happens when we sell? As I would no longer be on the title documents am I giving up my CGT relief.
• I am considering mortgaging my property in Wakefield does my lawyer have to be on the Leeds Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.

Information that may be required from your conveyancing solicitor may ask regarding your Leeds Building Society Transfer of Equity

Important warnings to consider in supplemental the above Leeds Building Society transfer of equity Questions and Answers :

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 titles

If your property is 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 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 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 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 varies based on the valuation of the property at the time of completion of the transfer of equity transaction.

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 conveyancing solicitor 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.