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Penrith Building Society

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

  • What should I be budgeting for when it comes to what conveyancing costs are for a transfer of equity? I'm in the process of remortgaging - new loan with Penrith Building Society - and have been quoted £250 including VAT by Penrith Building Society's appointed conveyancing solicitor, Have I been over quoted?
  • I plan to remortgage my maisonette in Timperley switching from Yorkshire Building Society to Penrith Building Society. The apartment is currently in joint names but propose for it to be in my sole name once I remortgage. My former partner has verbally consented to this and is willing to sign a form but neither of us want to get a second conveyancer involved.
  • Is it possible to transfer the equity held in my property with my Penrith Building Society mortgage?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • I got my Decree Absolute in 2011. For some reason I never got around to change the ownership from both our names to just in my name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Penrith Building Society is willing to transfer the property and loan in my name (affordability checks done). Does my ex need a lawyer?
  • I am transferring my equity in property in Warwick to the other co-owners husband, they are sticking with Penrith Building Society being the the existing lender. We are debating as to who should cover the charges for the transfer of equity. Should this be split or is one party liable for the charges for?
  • What if my application doesn't meet Penrith Building Society lending criteria for a transfer of equity?

Questions that your conveyancing solicitor could ask about your Penrith Building Society Transfer of Equity

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

Can you give the name(s) and addresse(s) of those who jointly own the premises with you?

Please clarify if you are providing any payment for the Transfer of Equity and to whom and specify the amount?

Is it the case that one of the registered proprietors died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Has consent been obtained from Penrith Building Society to the proposed transfer of equity?

If you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Information to consider in conjunction with the above Penrith 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 Penrith Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is 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 strictly observed you may be in breach 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 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 conveyancer will check with Penrith 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 Penrith 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Penrith Building Society.

Preparing the Transfer of Equity with a Penrith 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 Penrith 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 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 Penrith Building Society transfer of equity