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Leek United BS

Sample questions relating to Leek United BS transfer of equity

  • Me and my partner co-own a property in Timperley . Home loan is with Leek United BS. I want to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Is this likely to be simple?
  • I currently have a joint Leek United BS mortgage with my cousin and am looking into the possibility of him taking on the whole mortgage and extracting myself from it, so as to enable me to buy a place with my partner. The remaining mortgage is in the region 250k, and the property value is about 450k. Is this a transfer of equity? Is land tax involved?
  • My existing home loan is with Leek United BS. Can I transfer equity to someone under eighteen years old?
  • What can I do where I am unhappy with the lawyer who conducted my transfer of equity conveyancing?
  • My financial adviser has suggested using their lawyer for our Transfer of Equity plus remortgage with Leek United BS - won’t it be advisable to just instruct them?
  • Can I transfer the equity held in my property with my Leek United BS home loan?
  • I am answering a Leek United BS transfer of equity form and have come to the questions regarding defaults etc. There are some debts that I have been clearing over a long period, I understand that they have long since disappeared from my credit records. Am I obliged to set these out?

Questions that your conveyancing solicitor may ask regarding your Leek United BS Transfer of Equity

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 name(s) and addresse(s) of anyone to be extracted from the title deeds?

Is the transfer of equity subject to a court order? If yes please supply a copy

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?

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

Where you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Caveats to be read in in addition to the above Leek United BS 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 Leek United BS conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions are not strictly observed 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 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 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 valuation 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 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.


Frequently asked questions relating to Leek United BS transfer of equity