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Find a Law Firm for your Transfer of Equity approved by
Penrith Building Society

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

  • Me and my former fiance and I are are seeking to find an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Penrith Building Society. I I am fearful of appointing the wrong one and there are many conveyancing practices who do transfer of equity conveyancing to pick from...who's the best?
  • Will I incur any fees for a Transfer of Equity where the existing mortgage is with Penrith Building Society?
  • I already have a mortgage with Penrith Building Society and am retaining my existing mortgaging but wish to have have the equity transferred to my sole name so my ex will be removed from the title. How long do Penrith Building Society take to deal with the application?
  • I understand we would need at least AP1 and Transfer Deed. Is this true?
  • Is it possible to apply to borrow more money from Penrith Building Society as part of a Transfer of Equity?
  • My brother and I got a joint mortgage with Penrith Building Society on a house in 2013. I am now looking to get a apartment on my own and my friend would like to buy me out. Once we have agreed an amount what happens next? Would there be any potential problem with Penrith Building Society with him being solely liable for the total loan rather than only part of it?
  • I am selling my share of a property in Hendon to the other co-owners fiance, they are reapplying to Penrith Building Society. We are debating as to who should cover the charges for the transfer of equity. Is this normally shared or is one party liable for the fees for?

Sample of information requested in a lawyer form concerning a Penrith Building Society Transfer of Equity

Please let us know of you wish us to draw up a Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

Can you provide the name(s) and addresse(s) of anyone who jointly owns the property with you?

Please provide a copy of your National Insurance Number?

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?

Please provide the name(s) and addresse(s) of anyone to be removed from the property title?

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

Information to consider in in addition to the above Penrith Building Society transfer of equity information :

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 properties

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 complied with you may be in violation of the lease. This could potentially result in 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 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 is dependent 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 conveyancing solicitor 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.

Content on 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.


Frequently asked questions relating to Penrith Building Society transfer of equity