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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

  • At what point do I cover the costs of the Stamp Duty Land Tax chargeable for the transfer of equity in my property in my sole name which is happening simultaneously with a refinancing via Leek United BS?
  • My partner and I co-own a house in Heathfield . Mortgage is with Leek United BS. I wish to transfer full ownership to him with no payment of money but without using a conveyancer. Do you think this should be simple?
  • When it comes to transfer of equity conveyancing involving refinance with Leek United BS should I be paying value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • Leek United BS have today agreed I can take over the mortgage on my home. I previously applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry as well?
  • Taking into account that we have been 5 years apart I have made the decision to relinquish up my interest in the apartment to my husband who is re-mortgaging with Leek United BS. Could this transfer of equity be completed in less than 28 days?
  • I bought a flat with my brother in 2009 Since buying the property, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Leek United BS mortgage. There is a 30k difference between the value the lender hold and what the property would sell for currently. Can you offer any advice?
  • Can I apply to request more money from Leek United BS as part of a Transfer of Equity?

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

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

Can you provide the details of those who jointly own the premises with you?

Please confirm where you are making any payment for the Transfer of Equity and to whom and specify the amount?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the 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 give the details of anyone to be added to the title deeds?

Information to consider in further to the above Leek United BS transfer of equity Questions and Answers :

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, the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under 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 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 varies based on the market value of the property at finalisation 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 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 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.


Frequently asked questions relating to Leek United BS transfer of equity