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

  • My partner and myself have 50:50 shares in a BTL. I am a higher rate tax payer. Preferably I wish to complete a transfer of equity to her sole name in order mitigate tax on rental income. If Leek United BS are happy with this the legal fees are inexpensive. What are the implications when we sell? As I would no longer be on the title documents am I giving up my CGT relief.
  • My ex-partner and I are are seeking to find an affordable conveyancing solicitor to assist in a transfer of equity and refinance with Leek United BS. I I am fearful of by bill escalating out of control but with plenty conveyancing solicitors who do transfer of equity conveyancing out there...how do I know which one to appoint?
  • My brother and I got a joint mortgage with Leek United BS on a property a couple of years ago. 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 figure what happens next? Would there be any potential issue with Leek United BS with him being on the hook for the total loan rather than only half of it?
  • Me and my partner jointly own a property in Sedgefield . Home loan is with Leek United BS. I want to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be easy to so?
  • I am trying to find a lawyer to handle my transfer of equity. Leek United BS have been approached for a refinancing. I considered asking my mortgage broker. I am lead to believe he may receive a referral fee for recommending a firm, but also of benefit will be that he knows the conveyancer, has dealt with them before. Any flaws you see in this way of thinking?
  • I am considering mortgaging my flat in Littleborough does my lawyer need to be on the Leek United BS Solicitor panel. The conveyancing also involves a transfer of equity.
  • What should I be budgeting for when it comes to what legal costs are for a transfer of equity? I need to transfer equity and refinance - moving over to Leek United BS - and have been quoted £350 plus VAT by Leek United BS's approved lawyer, Is this is a good price or not?

Questions that your conveyancer could ask about your Leek United BS Transfer of Equity

Has consent been obtained from Leek United BS to the proposed transfer of equity?

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

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

Has one of the registered proprietors passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

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

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

Important warnings to consider in supporting the above Leek United BS transfer of equity Advice :

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 properties

If your property is leasehold, 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 conditions are not complied with you may be in breach of 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 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 conveyancer 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 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