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Are you in need of a Transfer of Equity with a Leek United Building Society mortgage? Failing to check that a lawyer is on the Leek United 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.

Common questions relating to Leek United BS transfer of equity

  • Can I transfer the equity held in my property with my Leek United BS home loan?
  • My Leek United BS home loan is in joint names with ex, who is agreeable to come off the deeds and let me have the property. Leek United BS will permit the transfer of equity to me solely. Will Leek United BS write my company to confirm my salary?
  • I am in the market for a quality conveyancing lawyer to assist in a transfer of equity and remortgage with Leek United BS. I I am fearful of by bill escalating out of control but with various conveyancing solicitors who do transfer of equity conveyancing to choose from...who's the best?
  • I am led to believe we would need at least AP1 and TR1. Is this true?
  • I recently bought a flat without my partner's name on the deeds. My conveyancing solicitor advised it is due to the fact that she is not in the loan offer with Leek United BS. Is it possible for me to put her name on the deeds?
  • The mortgage broker has recommended their lawyer for my Transfer of Equity plus remortgage with Leek United BS - won’t it be advisable to just instruct them?
  • What are the average solicitors fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Leek United BS - and have been quoted Four Hundred pounds excluding VAT by Leek United BS's appointed conveyancing solicitor, Is this a reasonable price?

Questions that your conveyancer may ask in relation to your Leek United BS Transfer of Equity

Can you provide the name(s) and addresse(s) of anyone who jointly owns the property with you?

Who will be responsible for the costs of the Transfer of Equity?

Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what sums

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

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?

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

Information to consider in supporting 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 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 terms are not adhered to you may be in breach of 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 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 conveyancing solicitor 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 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 conveyancing solicitor 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 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 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