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

• What are the average conveyancing costs are for a transfer of equity? I'm in the process of remortgaging - new loan with Loughborough Building Society - and have been quoted £350 plus VAT by Loughborough Building Society's approved lawyer, Have I been over quoted?
• Will I incur any fees for a Transfer of Equity where the current mortgage is with Loughborough Building Society?
• I am in the process of removing a name from a joint mortgage and the Loughborough Building Society need me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Ampthill lawyer to deal with the transfer of equity? They need to be on the Loughborough Building Society conveyancing panel.
• Have recently separated from my wife of thirty years. I'm now back with my mum and dad and she wants to stay in the property and pay me off. What percentage am I entitled to. Is it 50% of the equity after redeeming the mortgage with Loughborough Building Society? I assume proper valuations are necessary but I would like ensure that I'm getting I am not being taken advantage of
• I am thinking of remortgaging my property in Ampthill does my lawyer have to be on the Loughborough Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
• Me and my former partner and I are are seeking to find an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with Loughborough Building Society. I I am fearful of by bill escalating out of control and there are so many conveyancing firms who do transfer of equity conveyancing out there...how do I know which to select?
• My friend and I got a joint mortgage with Loughborough Building Society on a apartment a couple of years ago. I am now thinking of purchasing a apartment by myself and my friend would like to buy me out. Once we have agreed a price what happens next? Is there likely to be any concerns with Loughborough Building Society with him being responsible for the total mortgage rather than only half of it?

Information that may be required from your conveyancer may ask regarding your Loughborough Building Society Transfer of Equity

General Advice to read in supplemental the above Loughborough Building Society transfer of equity Advice :

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

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of 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 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 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 valuation of the property at the time of completion of the transfer of equity transaction.

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 conveyancer 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.