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Leek United BS transfer of equity: q and a’s

  • What is the process for having someone removed off the title documents to a property if the home loan is with Leek United BS
  • I am looking for a conveyancer to deal with my transfer of equity. Leek United BS are dealing with the refinancing. I thought of asking my financial adviser. I understand he may get a referral fee for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Any flaws you see in this way of thinking?
  • Been reviewing online blogs that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I am transferring equity and simultaneously remortgaging with Leek United BS
  • Me and a friend got a joint mortgage with Leek United BS on a house in 2013. I am now thinking of buying a house on my own and my friend would like to buy me out. Once we have agreed a price what are the next steps? Is there likely to be any problem with Leek United BS with him being responsible for the total loan as opposed to only half of it?
  • I purchased a property with a friend five.seven years ago Since buying the property, we have both got married. We are now looking to do a transfer of equity so my name comes off the Leek United BS mortgage. There is a 40k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • When it comes to transfer of equity conveyancing involving a remortgage with Leek United BS should I be paying VAT 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
  • I am filling out a Leek United BS transfer of equity form and have arrived at the section concerning debts etc. I do some debts that I have been clearing over a long period, I understand that they have long since disappeared from my credit rating. Am I obliged to declare these?

Information that may be required from your lawyer is likely to ask in relation to your Leek United BS Transfer of Equity

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

Is it the case that one of the registered proprietors passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Please provide the details of anyone to be removed from the title deeds?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

General Advice to read in conjunction with the above Leek United BS transfer of equity Info :

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 United BS conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

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 conditions are not complied with you may be in violation of 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 lawyer will check with Leek United 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 United 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 market value of the property at the time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Leek United BS.

Preparing the Transfer of Equity with a Leek United 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 United 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 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 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 Leek United BS transfer of equity