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Leek BS transfer of equity example support desk enquires

  • Is there such a thing a transfer of equity stamp duty calculator?
  • My partner and myself jointly own a investment property. I am a top rate tax payer. Preferably I wish to complete a transfer of equity into her name in order reduce our tax on rental income. Assuming Leek BS are fine with this the legal fees are inexpensive. What are the implications when we dispose of the property? Would my GGT relief be lost.
  • I got divorced four years ago. I simply never got around to change the ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Leek BS is happy to transfer the full equity in my name (affordability checks done). Does my ex need a lawyer?
  • I am planning on removing a name from a joint mortgage and the Leek BS require me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Crabtree lawyer to deal with the transfer of equity? They need to be on the Leek BS conveyancing panel.
  • Is it possible to transfer the equity held in my property with my Leek BS mortgage?
  • I am hoping to remortgage my maisonette in Wakefield moving from Godiva Mortgages to Leek BS. The home is currently in joint names but intend for it to be in my sole name when I transfer. My former partner has agreed to this and is willing to transfer equity but neither of us want to get a second lawyer involved.
  • My friend and I got a joint mortgage with Leek BS on a flat in 2013. I am now looking to get a house by myself and my friend would like to buy me out. Assuming we can agree a figure what happens next? Would there be any potential problem with Leek BS with him being responsible for the total mortgage as opposed to only part of it?

Questions that your conveyancing solicitor is likely to ask regarding your Leek BS Transfer of Equity

Please give the details of anyone to be added to the title deeds?

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

Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what amounts

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

Please give the name(s) and addresse(s) of anyone who jointly owns the premises with you?

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?

Caveats to be read in in addition to the above Leek 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 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 have a license to do so from the landlord. If such terms are not adhered to 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 conveyancer will check with Leek 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 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 the time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Leek BS your property may be repossessed.

Preparing the Transfer of Equity with a Leek 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 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.

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 BS transfer of equity