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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.

Sample questions relating to Saffron Building Society transfer of equity

  • Taking into account that we have been 3 years separated I have decided to transfer my share of our flat to my husband who is re-mortgaging with Saffron Building Society. Can a transfer of equity be done in less than one month?
  • My existing home loan is with Saffron Building Society. Can I transfer equity to someone who is not yet 18 years old?
  • I am under the impression we would need at least AP1 and TR1. Is this true?
  • How and when do I incur the Stamp Duty Land Tax payable for the transfer of equity in my house in my sole name which is happening at the same time as a remortgage with Saffron Building Society?
  • What is the process for adding or removing names (transfer of equity) to or from my Saffron Building Society mortgage account?
  • My ex are seeking to get a lawyer in place for a new mortgage with Saffron Building Society. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over UK. Do we need to appoint a conveyancing solicitor local to us?
  • Can I transfer the equity held in my property with my Saffron Building Society home loan?

Questions that your conveyancer is likely to ask about your Saffron Building Society Transfer of Equity

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

Can you provide the details of anyone who jointly owns the property with you?

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?

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

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

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?

Caveats to be read in in addition 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 titles

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed you may be in violation 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 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 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 is dependent 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 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 conveyancing solicitor 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 conveyancing solicitor 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