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Leek United BS

Recently asked questions relating to Leek United BS transfer of equity

  • After four years apart I have decided to transfer my interest in our house to my husband who is re-mortgaging with Leek United BS. Could this transfer of equity be done in less than 28 days?
  • What if my application doesn't meet Leek United BS lending criteria for a transfer of equity?
  • At what point do I incur the Stamp Duty Land Tax chargeable for the transfer of equity in my home in my name alone which is happening simultaneously with a remortgage via Leek United BS?
  • Me and my partner jointly own a flat in Blaenavon . Mortgage is with Leek United BS. I would like to transfer full ownership to him with no passing of money but without using a conveyancer. Is this likely to be easy to so?
  • I jointly own a apartment in Rye , with a Leek United BS mortgage with my former partner. He and his fiance are going to buy me out. We had consent from Leek United BS to substitute my name with hers. The transfer of equity needs to be done by a conveyancer for Leek United BS (supposedly). Can we deal with the Land Registry change?
  • What are the average legal costs are for a transfer of equity? I need to transfer equity and remortgage - moving over to Leek United BS - and have been quoted £250 plus VAT by Leek United BS's appointed conveyancing solicitor, Have I been over quoted?
  • I already have a mortgage with Leek United BS and am keeping my existing mortgaging but seeking to have it in my name alone so my ex won't be on it any longer. How long can it take for the paperwork to be processed?

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

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

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Please give the details of anyone to be removed from the title deeds?

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

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

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

Information to consider in conjunction with the above Leek United BS transfer of equity information :

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, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

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 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 conveyancer 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.
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 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.

Information provided 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.


Frequently asked questions relating to Leek United BS transfer of equity