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

• My Loughborough Building Society home loan we jointly entered into with ex, he has agreed to be removed and let me have the property. Loughborough Building Society will permit the transfer of equity to my individual name. Will Loughborough Building Society get in touch with my company to verify my salary?
• I got divorced in 2010. Foolishly I never got around to transfer ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Loughborough Building Society is willing to transfer the property and loan in my name (financial checks done). Does my ex need a conveyancer?
• Can I transfer the equity held in my property with my Loughborough Building Society home loan?
• Is it sensible to cancel my mortgage payments with Loughborough Building Society once a date for my remortgage and transfer of equity has been agreed?
• My ex are planning to get a lawyer lined up for a remortgage with Loughborough Building Society. Transfer of Equity conveyancing is also requiredI have used the different rating based tools and the results are from all over UK. Is it important to have a lawyer local to us?
• I jointly own a flat in Heathfield , with a Loughborough Building Society mortgage with my former husband. He and his new partner are going to buy me out. We had approval from Loughborough Building Society to replace my name with hers. The transfer of equity has to be completed by a lawyer for Loughborough Building Society (supposedly). Is it possible for us to do the Land Registry change?
• My existing home loan is with Loughborough Building Society. Can I transfer equity to someone under 18 years old?

Information that may be required from your conveyancing solicitor could ask in relation to your Loughborough Building Society Transfer of Equity

Information to consider in supplemental the above Loughborough Building Society transfer of equity Questions and Answers :

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 have a license to do so from the landlord. If such conditions are not complied with you may be in violation 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 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 conclusion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Loughborough Building Society 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 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 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.