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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.

Sample questions relating to Leek United BS transfer of equity

  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Leek United BS?
  • My dad passed away early last year leaving a unencumbered semi to me and my brother 50:50. He has always lived in the property, there was a condition in her will saying the premisescould not be sold for three years after her passing so he could remain there for a specified time frame. He now wishes to remain in the house beyond the specified period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the usual way to acquire my share?
  • At what point do I incur stamp duty chargeable for the transfer of equity in my house in my sole name which is taking place simultaneously with a remortgage via Leek United BS?
  • My partner and I co-own a property in Romsey . Mortgage is with Leek United BS. I want to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Do you think this should be simple?
  • Leek United BS have today agreed I can take over the mortgage on the house. I had applied for a transfer of equity but is this a transfer of ownership at HMLR on top?
  • After four years estranged I have opted to transfer my share of the house to my husband who is re-mortgaging with Leek United BS. Can a transfer of equity be completed inside four weeks?
  • Last year purchased a house without my partner's name on the ownership paperwork. My lawyer said it is due to the fact that she is not in the mortgage with Leek United BS. I'm wondering is there any way that I can add her name on the deeds?

Sample of questions in a conveyancer form concerning a Leek United BS Transfer of Equity

Please provide the name(s) and addresse(s) of those who jointly own the property with you?

Please give the name(s) and addresse(s) of anyone to be removed from the property title?

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

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?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

General Advice to read 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

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not strictly observed you may be in breach of your covenants under 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 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 finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Leek United BS your property may be repossessed.

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.

Information provided 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