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Saffron Building Society

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

  • When it comes to transfer of equity conveyancing involving refinance with Saffron Building Society should I be invoiced VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • What do I do if I am unhappy with the conveyancing solicitor who did our transfer of equity conveyancing?
  • Can I transfer the equity held in my property with my Saffron Building Society home loan?
  • My Saffron Building Society home loan we jointly entered into with ex, who has agreed to be removed and put the house in my name alone. Saffron Building Society have consented to the transfer of equity to my individual name. Do Saffron Building Society write my boss to check my salary?
  • Me and my partner jointly own a property in Blaenavon . Home loan is with Saffron Building Society. I want to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Is this likely to be simple?
  • Have recently separated from my ex of thirty years. I'm now living with my mum and dad and she wants to stay in the flat and buy me out. What portion do I get. Is it 50% of the equity after discharging the Saffron Building Society home loan? I assume proper valuations are required but I would like ensure that I'm getting the best deal
  • My wife and I equally own a buy to let. I am a top rate tax payer. Preferably I would like to complete a transfer of equity to her sole name with a view to reduce our tax on rental income. If Saffron Building Society are happy with this the legal fees are not prohibitive. However what happens when we sell? As I would no longer be on the deeds am I giving up my CGT relief.

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

If 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?

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

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

Please provide the details of anyone to be added to the property title?

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

Information to consider in further to the above Saffron Building Society transfer of equity information :

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 properties

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions 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 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 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 valuation of the property at finalisation of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Saffron Building Society.

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.

Content 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