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Saffron Building Society

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

  • Online research suggests that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I am transferring equity and at the same time switching mortgage with Saffron Building Society
  • Saffron Building Society yesterday agreed I can take over the home loan on my home. I have applied for a transfer of equity but is this a transfer of ownership at HMLR as well?
  • Can I apply to request more money from Saffron Building Society as part of a Transfer of Equity?
  • I am under the impression we would need at least AP1 and TR1. Is this true?
  • Me and a friend got a joint mortgage with Saffron Building Society on a house a couple of years ago. I am now looking to get a flat on my own and my friend would like to buy me out. On the basis that we can settle on a price where do we go? Is there likely to be any issue with Saffron Building Society with him being on the hook for the total mortgage as opposed to only part of it?
  • Given that we have been 4 years apart I have made the decision to relinquish up my interest in the former home to my husband who is refinancing with Saffron Building Society. Could this transfer of equity be completed within four weeks?
  • My partner and I co-own a property in Timperley . Mortgage is with Saffron Building Society. I wish to transfer full ownership to him with no exchange of money but without using a lawyer. Is this likely to be easy to so?

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

Is it the case that one of the registered owners passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Where you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Please give the name(s) and addresse(s) of anyone to be added to the property title?

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

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?

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

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

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 Saffron Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such terms are not adhered to 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 pursuant to 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 valuation of the property at the time of completion 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 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 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 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