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

  • Saffron Building Society have just agreed I can take over the home loan on my home. I had applied for a transfer of equity but is this a transfer of ownership at the Land Registry on top?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Saffron Building Society?
  • I already have a home loan with Saffron Building Society and am maintaining my existing mortgaging but applying to have it in my name only so my ex will come off the mortgage. How long can it take for the paperwork to be processed?
  • Is it possible to apply to request more money from Saffron Building Society as part of a Transfer of Equity?
  • I own a house in Wakefield , with a Saffron Building Society loan with my former partner. Him and his new partner are going to buy me out. We had consent from Saffron Building Society to remove my name with hers. The transfer of equity has to be done by a conveyancer for Saffron Building Society (supposedly). Is it possible for us to deal with the Land Registry change?
  • What is the process for adding or subtracting names (transfer of equity) to or from my Saffron Building Society mortgage account?
  • My divorce is through as is the consent order. Now I must sort out the transfer of equity on title deeds and the Saffron Building Society home loan. I have contacted Saffron Building Society for the transfer of equity forms. What happens next?

Sample of information requested in a conveyancing solicitor form concerning a Saffron Building Society Transfer of Equity

Please provide the details of anyone to be removed from the property title?

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

Can you provide the name(s) and addresse(s) of those who jointly own the premises with you?

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

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

Important warnings to consider in further to the above Saffron Building Society transfer of equity Info :

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 Saffron 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 have a license to do so from the landlord. If such conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in 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 Saffron 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 Saffron 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 market value 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 Saffron Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Saffron Building Society Mortgage

When it comes to preparing the the Land Registry documents your conveyancer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Saffron 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 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 Saffron Building Society transfer of equity