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Are you in need of a Transfer of Equity with a Principality Building Society mortgage? Failing to check that a lawyer is on the Principality 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.

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

  • Given that we have been 4 years separated I have opted to give up my interest in the house to my husband who is refinancing with Principality Building Society. Could this transfer of equity be done in less than one month?
  • Last year bought a apartment without my wife's name on the deeds. My lawyer said it is due to the fact that she was not in the loan offer with Principality Building Society. I'm wondering is there any way that I can add her name on the deeds?
  • I am disposing of my share of a house in Hendon to my co-owners fiance, they are sticking with Principality Building Society being the the existing lender. We are haggling as to who should cover the legal bill for the transfer of equity. Is this usually shared or is one party obliged to cover the costs of?
  • As things stand I have a joint Principality Building Society mortgage with my cousin and am investigating the feasibility of him assuming responsibility for the whole mortgage and subtracting myself from it, to enable me to purchase a place with my fiance. The outstanding mortgage is approx 300k, and the property value is approx 600k. Is this a transfer of equity? Is stamp duty payable?
  • Can I apply to borrow a further advance from Principality Building Society as part of a Transfer of Equity?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Principality Building Society?
  • I am planning on removing a name from a joint mortgage and the Principality Building Society require me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Friern Barnet conveyancer to deal with the transfer of equity? They need to be on the Principality Building Society conveyancing panel.

Questions that your conveyancing solicitor could ask in relation to your Principality Building Society Transfer of Equity

Where you are intent on holding 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 list all persons who occupy the property, their respective ages and relationships to you.

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

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

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?

Who will be responsible for the costs of the Transfer of Equity?

Important warnings to consider in supplemental the above Principality 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 Principality Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under 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 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 conveyancer will check with Principality 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 Principality 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 conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Principality Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Principality 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 Principality 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 Principality Building Society transfer of equity