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Are you in need of a Transfer of Equity with a Penrith Building Society mortgage? Failing to check that a lawyer is on the Penrith Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Penrith Building Society transfer of equity example support desk enquires

  • Can you tell me how to have a person removed off the title documents to a house if the mortgage is with Penrith Building Society
  • Can I apply to request more money from Penrith Building Society as part of a Transfer of Equity?
  • What if my application doesn't meet Penrith Building Society lending criteria for a transfer of equity?
  • I am am in need of a lawyer to handle my transfer of equity. Penrith Building Society are dealing with the remortgage. I considered asking my financial adviser. I understand he may receive a kickback for recommending a firm, but also of benefit will be that he knows the lawyer, has dealt with them before. Is my logic correct?
  • At what point do I pay the Stamp Duty Land Tax due for the transfer of equity in my house in my name alone which is taking place simultaneously with a switching mortgage via Penrith Building Society?
  • My mum died seven months ago leaving a unencumbered semi to me and my half brother 50:50. Having continues to reside at the property, there was a clause in her will saying the premisescould not be sold for 24 months after her death so he could remain there for a prescribed period. He now says he would like to remain in the house beyond the specified period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a mortgage in the traditional way to acquire my half from me?
  • Me and my partner co-own a house in Blaenavon . Mortgage is with Penrith Building Society. I want to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be straightforward?

Information that may be required from your conveyancing solicitor is likely to ask about your Penrith Building Society Transfer of Equity

Please provide the details of anyone to be removed from the property title?

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

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

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

Would you like us to draw up a Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

Important warnings to consider in supplemental the above Penrith Building Society transfer of equity Info :

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 titles

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 conditions are not strictly observed you may be in breach of 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 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 market value 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 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 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.


Frequently asked questions relating to Penrith Building Society transfer of equity