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Find a Law Firm for your Transfer of Equity approved by
Saffron Building Society

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

  • What if my application doesn't meet Saffron Building Society lending criteria for a transfer of equity?
  • I am under the impression we would need at least AP1 and TR1. Is this true?
  • I am in the process of removing a name from a joint mortgage and the Saffron Building Society require me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Sedgefield lawyer to deal with the transfer of equity? They need to be on the Saffron Building Society conveyancing panel.
  • I am looking for a lawyer to undertake my transfer of equity. Saffron Building Society are dealing with the remortgage. I considered asking my financial adviser. I am lead to believe he may get a referral fee for recommending a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?
  • I acquired a flat with a friend in 2009 Since purchasing the property, we have both got married. We are now seeking to do a transfer of equity so my name is removed the Saffron Building Society mortgage. There is a meaningful difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • Can I apply to borrow more money from Saffron Building Society as part of a Transfer of Equity?
  • In 2009 I purchased a house without my fiance’s name on the deeds. My conveyancer advised it is due to the fact that she was not in the loan offer with Saffron Building Society. I'm wondering is there any way that I can put her name on the documents at HM Land Registry?

Information that may be required from your lawyer is likely to ask in relation to your Saffron Building Society Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Please provide a copy of your National Insurance Number?

Please provide the name(s) and addresse(s) of anyone to be removed from the title deeds?

Have you approached Saffron Building Society to seek consent to the Transfer of Equity

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

Please let us know where you are making any payment for the Transfer of Equity and to whom and specify any such sums?

General Advice to read in supporting the above Saffron Building Society transfer of equity Advice :

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

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in violation of your covenants under 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 market value of the property at the conclusion of the transfer of equity transaction.
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 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 conveyancing solicitor 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