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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.

Questions and answers: Skipton Building Society transfer of equity

  • What are my options where I am dissatisfied with the lawyer who conducted our transfer of equity conveyancing?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Skipton Building Society?
  • My Skipton Building Society home loan we jointly entered into with ex, who has agreed to be removed and put the house in my name alone. Skipton Building Society will permit the transfer of equity to my individual name. Will Skipton Building Society call my company to verify my salary?
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Skipton Building Society?
  • How do I go about adding or subtracting names (transfer of equity) to or from my Skipton Building Society mortgage account?
  • I am trying to find a conveyancer to deal with my transfer of equity. Skipton Building Society are dealing with the refinancing. I thought of asking my mortgage broker. I understand he may receive a referral fee for suggesting 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?
  • Me and a friend got a joint mortgage with Skipton Building Society on a flat in 2013. I am now looking to get a flat on my own and my friend would like to buy me out. Once we have agreed a figure where do we go? Would there be any potential problem with Skipton Building Society with him being on the hook for the total loan as opposed to only half of it?

Questions that your lawyer is likely to ask regarding your Skipton Building Society Transfer of Equity

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

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 give the details of anyone to be extracted from the title deeds?

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 confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Please provide a copy of your National Insurance Number?

Important warnings to consider in supporting the above Skipton 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 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 terms are not adhered to you may be in breach 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 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 conveyancer 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 valuation of the property at the conclusion 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 lawyer 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