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Loughborough Building Society

Examples of recent questions relating to Loughborough Building Society transfer of equity

  • I co-own a flat in Witham , with a Loughborough Building Society loan with my former partner. Him and his new partner are going to buy me out. We had the go ahead from Loughborough Building Society to substitute my name with hers. The transfer of equity has to be done by a lawyer for Loughborough Building Society (supposedly). Can we do the Land Registry change?
  • Is it possible to apply to request more money from Loughborough Building Society as part of a Transfer of Equity?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Loughborough Building Society?
  • In 2012 I bought a apartment without my wife's name on the ownership paperwork. My conveyancing solicitor said it is because she is not in the loan offer with Loughborough Building Society. I'm wondering is there any way that I can put her name on the deeds?
  • Loughborough Building Society have today agreed I can take over the home loan on my home. I had applied for a transfer of equity but presumably there is a transfer of ownership of the house on top?
  • As things stand I have a joint Loughborough Building Society mortgage with my cousin and am looking into the feasibility of him taking on the whole mortgage and removing myself from it, so as to enable me to buy a place with my fiance. The remaining mortgage is in the region 175k, and the property value is approx 600k. Is this a transfer of equity? Is land tax payable?
  • What is the process for having a person removed off the deeds to a house if the home loan is with Loughborough Building Society

Questions that your conveyancing solicitor may ask in relation to your Loughborough Building Society Transfer of Equity

Can you provide the details of anyone who jointly owns the property with you?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Who will be responsible for the costs of the Transfer of Equity?

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

Has one of the registered owners passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please provide a copy of your National Insurance Number?

Information to consider in further to the above Loughborough Building Society transfer of equity Info :

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 Loughborough Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in breach of the lease. This could trigger 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 Loughborough Building Society 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 Loughborough Building Society 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 market value of the property at the time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Loughborough Building Society.

Preparing the Transfer of Equity with a Loughborough Building Society 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 Loughborough Building Society 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 provided on 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 Loughborough Building Society transfer of equity