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Penrith Building Society

Sample questions relating to Penrith Building Society transfer of equity

  • My -ex-husband and I are are looking to find an affordable conveyancing lawyer to help me sell in a transfer of equity and refinance with Penrith Building Society. I want to avoid being ripped off but with various conveyancing organisations who do transfer of equity conveyancing to pick from...how do I know which one to appoint?
  • I am trying to find a conveyancer to undertake my transfer of equity. Penrith Building Society have been approached for a remortgage. I considered asking my mortgage broker. I am lead to believe he will likely get a referral fee for recommending someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic misguided?
  • I am answering a Penrith Building Society transfer of equity form and have come to the section regarding defaults etc. I do some debts that I have been discharging for a number of years, I understand that they no longer remain my credit records. Do I need to declare these?
  • My Penrith Building Society home loan we jointly entered into with ex, he has agreed to be removed and let me have the property. Penrith Building Society have consented to the transfer of equity to me solely. Will Penrith Building Society call my company to confirm my salary?
  • Have recently split up with my partner of thirty years. I'm now back with my parents again and she wants to remain in the apartment and pay me off. What percentage am I entitled to. Is it 50% of the equity after redeeming the mortgage with Penrith Building Society? I assume proper valuations are required but I would like to be confident that I'm getting what I am entitled to
  • My friend and I got a joint mortgage with Penrith Building Society on a apartment in 2013. I am now looking to get a flat by myself and my friend would like to buy me out. Assuming we can agree an amount what are the next steps? Would there be any potential concerns with Penrith Building Society with him being on the hook for the total loan as opposed to only half of it?
  • I got divorced in 2010. Foolishly I never got around to transfer ownership from the current 'joint' status to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Penrith Building Society is content to transfer the property and loan in my name (financial checks done). Does my ex need a lawyer?

Information that may be required from your conveyancing solicitor could ask regarding your Penrith Building Society Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

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

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

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

Information to consider 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 properties

If your property is leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach 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 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 lawyer 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 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