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Are you in need of a Transfer of Equity with a Skipton Building Society mortgage? Failing to check that a lawyer is on the Skipton 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.

Skipton Building Society transfer of equity example support desk enquires

  • My mother died seven months ago leaving a unencumbered house to me and my step brother 50:50. Having continues to reside at the house, there was a provision in the will specifying that the housecould not be sold for 2 years after her passing so he could reside there for a while. He now wants to remain in the premises beyond the specified period. We have discussed a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the usual way to acquire my half from me?
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Skipton Building Society mortgage account?
  • I already have a home loan with Skipton Building Society and am retaining my existing mortgaging but wish to have it in my sole name so my former husband won't be on it any longer. How long do Skipton Building Society take to deal with the application?
  • At what stage do I pay the Stamp Duty Land Tax due for the transfer of equity in my house in my name alone which is taking place at the same time as a remortgage with Skipton Building Society?
  • What do I do if I am not happy with the lawyer who undertook our transfer of equity conveyancing?
  • Am I best advised stop my mortgage payments with Skipton Building Society as soon as a date for my remortgage and transfer of equity has been set?
  • My fiance and myself have 50:50 shares in a investment property. I am a higher rate tax payer. Preferably I wish to complete a transfer of equity into her name with a view to mitigate tax on rental income. If Skipton Building Society are fine with this the legal fees are not prohibitive. What are the implications when we dispose of the property? Would my GGT relief be lost.

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

Can you provide the name(s) and addresse(s) of anyone who jointly owns the property with you?

Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

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

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

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 added to the title deeds?

General Advice to read in conjunction with the above Skipton Building Society transfer of equity Questions and Answers :

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 Skipton Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not complied with 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 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 lawyer will check with Skipton 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 Skipton 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 market value of the property at finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Skipton Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Skipton 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 Skipton 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.

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 Skipton Building Society transfer of equity