Examples of recent questions relating to Leek BS transfer of equity

• I am disposing of my share of a property in Hendon to the other co-owners fiance, they are sticking with Leek BS being the the existing lender. We are in heated discussion as to who must cover the charges for the transfer of equity. Is this normally split or is one party liable for the costs of?
• I jointly own a flat in Witham , with a Leek BS mortgage with my ex partner. Him and his new partner are going to buy me out. We had approval from Leek BS to substitute my name with hers. The transfer of equity needs to be completed by a lawyer for Leek BS (apparently). In order to save fees can I do the Land Registry formalities?
• What do I do if I am unhappy with the conveyancer who did my transfer of equity transaction?
• I am remortgaging my home in Wakefield does my lawyer need to be on the Leek BS Conveyancing panel. The conveyancing also involves a transfer of equity.
• What is the process for adding or subtracting names (transfer of equity) to or from my Leek BS mortgage account?
• I bought a flat with my cousin in 2008 Since buying the property, we have both got married. We are now seeking to do a transfer of equity so my name is removed the Leek BS mortgage. There is a 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
• What should I be budgeting for when it comes to what legal fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Leek BS - and have been quoted £350 excluding VAT by Leek BS's approved conveyancing solicitor, Have I been over quoted?

Sample of questions in a conveyancing solicitor form concerning a Leek BS Transfer of Equity

Information to consider in in addition to the above Leek BS transfer of equity Advice :

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 Leek BS 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 breach of 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 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 conveyancer will check with Leek BS 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 Leek BS 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 conclusion of the transfer of equity transaction.

Preparing the Transfer of Equity with a Leek BS 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 Leek BS 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 conveyancer 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 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.