Examples of recent questions relating to Penrith Building Society transfer of equity
- What are the average solicitors costs are for a transfer of equity? I need to transfer equity and refinance - new loan with Penrith Building Society - and have been quoted £350 excluding VAT by Penrith Building Society's appointed conveyancer, Have I been over quoted?
- My decree absolute has gone through as is the consent order. Now I have to address the transfer of equity on title deeds and the Penrith Building Society home loan. I have asked Penrith Building Society for the transfer of equity application. What do I do now?
- When it comes to transfer of equity conveyancing involving a remortgage with Penrith Building Society should I be paying VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- Have recently separated from my wife of 18 years. I'm now living with my mum and dad and she wishes to remain in the flat and pay me off. What percentage do I get. Is it half of the equity after redeeming the mortgage with Penrith Building Society? I assume proper valuations are required but I really need ensure that I'm getting the best deal
- I am transferring my equity in apartment in Woodside to the other co-owners fiance, they are reapplying to Penrith Building Society. We are haggling as to who must pay the fees for the transfer of equity. Should this be shared or is one of us obliged to cover the legal bill?
- I recently bought a property without my wife's name on the deeds. My conveyancer said it is due to the fact that she is not in the loan offer with Penrith Building Society. I'm wondering is there any way that I can put her name on the documents at HM Land Registry?
- Penrith Building Society have today agreed I can take over the mortgage on my home. I had applied for a transfer of equity but presumably there is a transfer of ownership of the house in addition?
Questions that your lawyer may ask about your Penrith Building Society Transfer of Equity
Has 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.
Please give the details of anyone to be added to the property title?
Please provide the details of anyone to be removed from the title deeds?
If you are adding a person 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.
Can you provide the name(s) and addresse(s) of anyone who jointly owns the property with you?
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)?
Caveats to be read 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
Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
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 cases, 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 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.
If you do not keep up the payments on your mortgage with Penrith Building Society your property may be repossessed.
Preparing the Transfer of Equity with a Penrith 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 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.
Content 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.