Common questions relating to Leek United BS transfer of equity
- My decree absolute is through as is the consent order. Now I need to sort out the transfer of equity on title deeds and the Leek United BS mortgage. I have called Leek United BS for the transfer of equity forms. What are my next steps?
- I got my Decree Absolute in 2011. Foolishly I never got around to transfer ownership from the current 'joint' status to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Leek United BS is willing to transfer the property and loan in my name (affordability checks done). Does she need a lawyer?
- My existing mortgage is with Leek United BS. Can I transfer equity to someone less than eighteen years old?
- How much the typical conveyancing charges are for a transfer of equity? I'm in the process of remortgaging - new loan with Leek United BS - and have been quoted Four Hundred pounds plus VAT by Leek United BS's approved conveyancing solicitor, Is this a reasonable price?
- Have recently split up with my wife of twenty years. I'm now back with my mum and dad and she wants to remain in the apartment and pay me off. What portion do I get. Is it half of the equity after paying off the Leek United BS home loan? I assume proper valuations are necessary but I really need to be sure that I'm getting the best deal
- I am in the process of removing a name from a joint mortgage and the Leek United BS need me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Wakefield
lawyer to deal with the transfer of equity? They need to be on the Leek United BS conveyancing panel.
- When it comes to transfer of equity conveyancing involving refinance with Leek United BS should I be charged value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
Examples of information requested in a lawyer questionnaire relating to Leek United BS Transfer of Equity
If are intent on holding 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 provide a copy of your National Insurance Number?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Where you are adding a person 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.
Has consent been obtained from Leek United BS to the proposed transfer of equity?
Please confirm if you are making any payment for the Transfer of Equity and to whom and notify us the amount?
Information to consider in supplemental the above Leek United BS transfer of equity Questions and Answers :
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 premises
Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such terms are not adhered to 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 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 is dependent on the valuation of the property at the conclusion of the transfer of equity conveyancing.
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 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.