LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Leek United BS

Common questions relating to Leek United BS transfer of equity

  • My partner and I jointly own a flat in Winchelsea . Mortgage is with Leek United BS. I want to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Is this likely to be simple?
  • At what point do I pay stamp duty due for the transfer of equity in my property in my name alone which is happening at the same time as a switching mortgage with Leek United BS?
  • Online reading suggests that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I need to be transferring equity and simultaneously refinancing with Leek United BS
  • My mother died seven months ago leaving a mortgage-free property to me and my step brother in equal shared. Having continues to reside at the property, there was a provision in the will specifying that the housecould not be sold for three years following her passing so he could continue to live there for a prescribed period. He now says he would like to remain in the property beyond the prescribed period. We have considered a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a mortgage in the conventional way to acquire my share?
  • My brother and I got a joint mortgage with Leek United BS on a house a couple of years ago. I am now thinking of purchasing a house on my own and my friend would like to buy me out. Once we have agreed a figure where do we go? Is there likely to be any problem with Leek United BS with him being responsible for the total mortgage as opposed to only half of it?
  • My former husband are seeking to get a lawyer lined up for a refinance with Leek United BS. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over England and Wales. How necessary is it to instruct a conveyancer local to us?
  • I jointly own a flat in Dunnington , with a Leek United BS loan with my former partner. Him and his new partner are going to acquire my share. We had the go ahead from Leek United BS to substitute my name with hers. The transfer of equity has to be completed by a lawyer for Leek United BS (apparently). Is it possible for us to do the Land Registry change?

Information that may be required from your conveyancing solicitor may ask regarding your Leek United BS Transfer of Equity

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

Has one of the registered owners passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Please provide the details of anyone who jointly owns the premises with you?

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?

Is there to be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what figure

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

General Advice to read in in addition to the above Leek United BS transfer of equity Advice :

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 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 trigger 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 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