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Loughborough Building Society

Sample questions relating to Loughborough Building Society transfer of equity

  • What is the process for adding or subtracting names (transfer of equity) to or from my Loughborough Building Society mortgage account?
  • Law month I separated from my wife of thirty years. I'm now living with my mum and dad and she wants to stay in the property and buy me out. What percentage am I entitled to. Is it 50% of the equity after redeeming the Loughborough Building Society home loan? I assume proper valuations are required but I really need to be sure that I'm getting the best deal
  • I plan to remortgage my apartment in Friern Barnet switching from Birmingham Midshires to Loughborough Building Society. The maisonette is jointly owned but wish for it to be in my name only when I remortgage. My former partner is OK with this and is happy to transfer equity but neither of us want to incur lawyer fees.
  • My ex are planning to get a lawyer in place for a refinance with Loughborough Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based websites and the results are from all over the country. Is it important to instruct a conveyancing solicitor local to us?
  • Am I best advised stop my mortgage payments with Loughborough Building Society as soon as a date for my remortgage and transfer of equity has been agreed?
  • Loughborough Building Society have just agreed I can take over the mortgage on the flat. I have applied for a transfer of equity but is this a transfer of ownership of the title deeds in addition?
  • Is there such a thing a transfer of equity stamp duty calculator?

Sample of questions in a conveyancing solicitor form concerning a Loughborough Building Society Transfer of Equity

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Can you provide the details of those who jointly own the property with you?

Please let us know where you are providing any payment for the Transfer of Equity and to whom and specify any such sums?

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

Is the transfer of equity subject to a court order? If yes please supply a copy

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

General Advice to read in conjunction with 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 properties

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in breach 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 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 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 Loughborough Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Loughborough Building Society Mortgage

When it comes to preparing the the Land Registry documents your lawyer 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 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 Loughborough Building Society transfer of equity