Examples of recent questions relating to Skipton Building Society transfer of equity
- I am in the process of removing a name from a joint mortgage and the Skipton Building Society need me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Miles Platting
conveyancing solicitor to deal with the transfer of equity? They need to be on the Skipton Building Society conveyancing panel.
- Can you tell me how to have a person removed from the deeds to a house if the mortgage is with Skipton Building Society
- My partner and I jointly own a house in Romsey
. Mortgage is with Skipton Building Society. I want to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Is this likely to be simple?
- I bought a flat with my cousin five.seven years ago Since then, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Skipton Building Society mortgage. There is a significant difference between the value the bank hold and what the property would sell for currently. Can you offer any advice?
- I got divorced in 2010. Foolishly I never dealt with the transfer ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Skipton Building Society is willing to transfer the full equity in my name (financial checks done). Does she need a solicitor?
- I currently have a joint Skipton Building Society mortgage with my step-brother and am investigating the option of him taking on the outstanding mortgage and removing myself from it, to enable me to buy somewhere with my partner. The remaining mortgage is approx 175k, and the property value is approx 500k. Is this a transfer of equity? Is stamp duty payable?
- Will I have to pay any charges for a Transfer of Equity where the existing mortgage is with Skipton Building Society?
Examples of questions in a lawyer form concerning a Skipton Building Society Transfer of Equity
Is there to 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 removed from the title deeds?
Would you like us to draft you Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Who will be responsible for the costs of the Transfer of Equity?
Important warnings to consider in supporting 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 premises
If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
If the transfer of equity is made pursuant to 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 is dependent on the valuation 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 Skipton Building Society.
Preparing the Transfer of Equity with a Skipton 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 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 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.