Leek United BS transfer of equity: q and a’s
- My Leek United BS mortgage is in joint names with ex, who has agreed to come off the mortgage and let me have the property. Leek United BS will permit the transfer of equity to my individual name. Will Leek United BS contact my employer to confirm my salary?
- I am transferring my equity in apartment in Warwick to my co-owners husband, they are sticking with Leek United BS as the the existing mortgage company. We are haggling as to who must pay the charges for the transfer of equity. Is this usually shared or is one party obliged to cover the fees for?
- I am considering mortgaging my home in Friern Barnet
does my lawyer need to be on the Leek United BS Solicitor panel. The conveyancing also involves a transfer of equity.
- My former husband are seeking to get a lawyer in place for a new mortgage with Leek United BS. Transfer of Equity conveyancing is also neededI have used the different comparison based tools and the results are from all over England and Wales. Is it important to appoint a conveyancing solicitor local to us?
- How and when do I pay the Stamp Duty Land Tax payable for the transfer of equity in my house in my sole name which is taking place simultaneously with a remortgage via Leek United BS?
- I am searching for an affordable conveyancing solicitor to assist in a transfer of equity and refinance with Leek United BS. I want to avoid being ripped off and there's lots of conveyancing practices who do transfer of equity conveyancing out there...how do I know which to appoint?
- I got divorced two years ago. For some reason I never got around to change the ownership from the current 'joint' status to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. Leek United BS is willing to transfer the property and loan in my name (affordability checks done). Does she need any legal representation?
Information that may be required from your conveyancer could ask about your Leek United BS Transfer of Equity
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Is the transfer of equity subject to a court order? If yes please supply a copy
Please list all persons who occupy the property, their respective ages and relationships to you.
Has consent been obtained from Leek United BS to the proposed transfer of equity?
If 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?
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?
Important warnings to consider in further to the above Leek United BS transfer of equity information :
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, 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 complied with you may be in breach of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 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 is dependent on the market value of the property at finalisation of the transfer of equity transaction.
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 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 lawyer 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 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.