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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

  • Is it possible to transfer the equity held in my property with my Leeds Building Society mortgage?
  • Can I apply to request a further advance from Leeds Building Society as part of a Transfer of Equity?
  • My ex are looking to get a conveyancer lined up for a remortgage with Leeds Building Society. Transfer of Equity conveyancing is also necessaryI have used the different comparison based services and the results are from all over England and Wales. How necessary is it to have a conveyancing solicitor local to us?
  • I am disposing of my share of a property in Birmingham to the other co-owners fiance, they are reapplying to Leeds Building Society. We are debating as to who should pay the charges for the transfer of equity. Is this usually shared or is one of us liable for the legal bill?
  • I co-own a property in Dunnington , with a Leeds Building Society mortgage with my former partner. Him and his new partner are going to acquire my share. We had consent from Leeds Building Society to remove my name with hers. The transfer of equity has to be done by a conveyancer for Leeds Building Society (supposedly). Is it possible for us to deal with the Land Registry formalities?
  • Will I have to pay any charges for a Transfer of Equity where the current home loan is with Leeds Building Society?
  • I purchased a flat with my brother in 2010 Since buying the property, we have both got married. We are now intending to do a transfer of equity so my name is removed the Leeds Building Society mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?

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

Please give the name(s) and addresse(s) of anyone who jointly owns the premises with you?

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

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

Please give the name(s) and addresse(s) of anyone to be extracted from the property title?

Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what amounts

Please give the details of anyone to be added to the title deeds?

Caveats to be 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 properties

If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in 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 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 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 finalisation 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