LenderPanel.com

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

Penrith Building Society transfer of equity: q and a’s

  • I am completing a Penrith Building Society transfer of equity application and have arrived at the section concerning defaults etc. There are some debts that I have been clearing for a number of years, in fact they have long since disappeared from my credit score. Am I obliged to disclose these?
  • Me and my former fiance and I are in the market for a dependable conveyancing lawyer to help me sell in a transfer of equity and refinance with Penrith Building Society. I really don't want to get ripped off but with lots of conveyancing organisations who do transfer of equity conveyancing to choose from...who do I opt for?
  • I plan to remortgage my flat in Sedgefield moving from Barclays to Penrith Building Society. The maisonette is currently in joint names but wish for it to be in my name only when I remortgage. My wife is OK with this and is willing to sign a form but neither of us want to get a second conveyancing solicitor involved.
  • I am in the process of removing a name from a joint mortgage and the Penrith Building Society require me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Timperley lawyer to deal with the transfer of equity? They need to be on the Penrith Building Society conveyancing panel.
  • My brother and I got a joint mortgage with Penrith Building Society on a apartment in 2013. I am now looking to get a flat on my own and my friend would like to buy me out. Once we have agreed a figure what are the next steps? Is there likely to be any problem with Penrith Building Society with him being on the hook for the total mortgage rather than only part of it?
  • I am looking for a conveyancer to handle my transfer of equity. Penrith Building Society have been approached for a remortgage. I thought of asking my mortgage broker. I am lead to believe he will likely receive a kickback for suggesting someone, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Any flaws you see in this way of thinking?
  • I am considering refinancing my house in Wakefield does my lawyer need to be on the Penrith Building Society Solicitor panel. The conveyancing also involves a transfer of equity.

Examples of information requested in a lawyer form relating to Penrith Building Society Transfer of Equity

Is the transfer of equity subject to a court order? If yes please supply a copy

Is it the case that one of the registered proprietors passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

Would you like us to prepare Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

Please provide a copy of your National Insurance Number?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Caveats to be read in supplemental the above Penrith Building Society transfer of equity information :

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, the lease may require that you obtain the consent of the landlord. If such restrictions 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 as a result of 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 conveyancing.
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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within 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