LenderPanel.com

Find a Law Firm approved by
Saffron Building Society

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

  • My divorce has gone through as is the consent order. Now I have to address the transfer of equity on title deeds and the Saffron Building Society mortgage. I have called Saffron Building Society for the transfer of equity application. What do I do now?
  • What should I be budgeting for when it comes to what conveyancing costs are for a transfer of equity? I need to transfer equity and refinance - new loan with Saffron Building Society - and have been quoted £350 excluding VAT by Saffron Building Society's approved conveyancing solicitor, Is this is a good price or not?
  • How and when do I pay stamp duty payable for the transfer of equity in my property in my sole name which is happening simultaneously with a remortgage with Saffron Building Society?
  • My mother passed away seven months ago leaving a mortgage-free semi to me and my brother 50:50. Having continues to reside at the house, there was a condition in her will saying the housecould not be sold for 24 months after her death so he could remain there for a prescribed period. He now says he would like to remain in the property beyond the prescribed period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the traditional way to purchase my half from me?
  • Online reading suggests that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I need to be transferring equity and at the same time remortgaging with Saffron Building Society
  • I am answering a Saffron Building Society transfer of equity application and have arrived at the questions regarding debts etc. I do some debts that I have been discharging for a number of years, I understand that they no longer remain my credit rating. Am I obliged to reveal these?
  • My former wife are planning to get a lawyer lined up for a new mortgage with Saffron Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based websites and the results are from all over UK. How necessary is it to instruct a conveyancing solicitor local to us?

Information that may be required from your conveyancer is likely to ask regarding your Saffron Building Society Transfer of Equity

Please provide a copy of your National Insurance Number?

Would you like us to draft you Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

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?

Has one of the registered proprietors passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Information to consider in in addition to the above Saffron 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 Saffron 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 conditions are not complied with you may be in violation 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 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 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 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 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 lawyer 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 conveyancer 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 Saffron Building Society transfer of equity