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Loughborough Building Society

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

  • Am I best advised stop the direct debit for my mortgage with Loughborough Building Society once a date for my remortgage and transfer of equity has been agreed?
  • My decree absolute is through as is the consent order. Now I must deal with the transfer of equity for the property and the Loughborough Building Society mortgage. I have contacted Loughborough Building Society for the transfer of equity forms. What happens next?
  • After a number of years estranged I have opted to give up my share of our apartment to my husband who is re-mortgaging with Loughborough Building Society. Could this transfer of equity be completed inside one month?
  • Loughborough Building Society yesterday 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 at the Land Registry on top?
  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with Loughborough Building Society?
  • My partner and I co-own a property in Heathfield . Home loan is with Loughborough Building Society. I wish to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Do you think this should be straightforward?
  • How do I go about adding or subtracting names (transfer of equity) to or from my Loughborough Building Society mortgage account?

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

Please list all persons who occupy the property, their respective ages and relationships to 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?

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” Form.

Have you approached Loughborough Building Society to seek consent to the Transfer of Equity

Would you like us to draft you Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Information to consider in further to the above Loughborough Building Society 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 Loughborough Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation 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 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 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 conclusion of the transfer of equity conveyancing.
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 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 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