Examples of recent questions relating to Penrith Building Society transfer of equity
- I got my Decree Absolute three years ago. Foolishly I never dealt with the change the ownership from the current 'joint' status to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Penrith Building Society is willing to transfer the full equity in my name (affordability checks done). Does my ex need a conveyancer?
- Having been 5 years apart I have opted to transfer my share of our former home to my husband who is re-mortgaging with Penrith Building Society. Could this transfer of equity be completed in four weeks?
- I am selling my equity in apartment in Birmingham to the other co-owners fiance, they are reapplying to Penrith Building Society. We are in heated discussion as to who must cover the charges for the transfer of equity. Should this be split or is one of us liable for the charges for?
- I am hoping to refinance my flat in Wakefield
changing from Nationwide to Penrith Building Society. The apartment is jointly owned but I would like it to be in my sole name when I transfer. My wife has verbally consented to this and is happy to transfer equity but neither of us want to get a second conveyancer involved.
- My -ex-husband and I are are seeking to find a quality conveyancing lawyer to assist in a transfer of equity and refinance with Penrith Building Society. I am aware of the dangers of getting ripped off but with various conveyancing solicitors who do transfer of equity conveyancing to choose from...how do I know which is best select?
- Law week I split up with my wife of twenty years. I'm now back with my mum and dad and she wants to remain in the property and buy me out. What percentage do I get. Is it 50% of the equity after redeeming the mortgage with Penrith Building Society? I assume proper valuations are necessary but I would like ensure that I'm getting the best deal
- I already have a home loan with Penrith Building Society and am retaining my current mortgaging but seeking to have have the equity transferred to my sole name so my former partner won't be on it any longer. How long does the whole transfer of equity process take?
Examples of questions in a lawyer form relating to Penrith Building Society Transfer of Equity
Have you approached Penrith Building Society to obtain consent to the Transfer of Equity
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Please provide the details of anyone to be added to the title deeds?
We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)
Has one of the registered owners passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
Would you like us to prepare Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?
Caveats to be read in in addition to the above Penrith Building Society transfer of equity Questions and Answers :
Tax and Legal
There may be various 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, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.
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 valuation of the property at the time of completion of the transfer of equity conveyancing.
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 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.