Sample questions relating to Leek United BS transfer of equity
- My Leek United BS home loan is in joint names with ex, he is agreeable to come off the deeds and let me have the property. Leek United BS will permit the transfer of equity to my individual name. Do Leek United BS get in touch with my employer to verify my salary?
- When it comes to transfer of equity conveyancing involving a remortgage with Leek United BS should I be charged value added tax 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
- Me and a friend got a joint mortgage with Leek United BS on a house about a year ago. I am now thinking of purchasing a house by myself and my friend would like to buy me out. Assuming we can agree a figure what happens next? Would there be any potential concerns with Leek United BS with him being responsible for the total mortgage rather than only half of it?
- After 5 years apart I have opted to transfer my interest in our property to my husband who is refinancing with Leek United BS. Can a transfer of equity be done inside one month?
- My former husband are planning to get a lawyer lined up for a refinance with Leek United BS. Transfer of Equity conveyancing is also neededI have used the different rating based services and the results are from all over England and Wales. Is it important to appoint a lawyer local to us?
- I currently have a joint Leek United BS mortgage with my cousin and am looking into the feasibility of him taking on the outstanding mortgage and extracting myself from it, to enable me to purchase somewhere with my partner. The outstanding mortgage is in the region 200k, and the property value is approx 500k. Is this a transfer of equity? Is stamp duty due?
- I am am in need of a conveyancing solicitor to undertake my transfer of equity. Leek United BS have been approached for a refinancing. I considered asking my financial adviser. I am lead to believe he may receive a referral fee for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Any flaws you see in this way of thinking?
Sample of information requested in a conveyancing solicitor form relating to Leek United BS Transfer of Equity
Can you give the name(s) and addresse(s) of anyone who jointly owns the property with you?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Who will be responsible for the costs of the Transfer of Equity?
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?
Would you like us to draw up a Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?
Where you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Caveats to be read in supplemental the above Leek United BS 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 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, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 is dependent on the market value 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 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 conveyancer 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 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.