Frequently asked questions relating to Skipton Building Society transfer of equity
- I recently purchased a apartment without my wife's name on the title documents. My conveyancer advised it is due to the fact that she was not in the loan offer with Skipton Building Society. Is it possible for me to add her name on the documents at HM Land Registry?
- Me and my former husband and I are in the market for a value for money conveyancing solicitor to assist in a transfer of equity and refinance with Skipton Building Society. I I am concerned about appointing the wrong one and there are many conveyancing solicitors who do transfer of equity conveyancing to choose from...who do I opt for?
- I own a flat in Heathfield
, with a Skipton Building Society loan with my former partner. He and his new partner are going to buy me out. We had consent from Skipton Building Society to replace my name with hers. The transfer of equity needs to be completed by a conveyancer for Skipton Building Society (supposedly). Is it possible for us to deal with the Land Registry change?
- What can I do where I am unhappy with the conveyancer who handled our transfer of equity conveyancing?
- I am trying to find a conveyancer to deal with my transfer of equity. Skipton Building Society have been approached for a refinancing. I considered asking my mortgage broker. I understand he may get a kickback 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?
- The mortgage broker has recommended their conveyancer for our Transfer of Equity plus remortgage with Skipton Building Society - Surely it’s better to just instruct them?
- Having been 4 years estranged I have opted to transfer my share of our former home to my husband who is re-mortgaging with Skipton Building Society. Can a transfer of equity be completed in less than four weeks?
Information that may be required from your conveyancing solicitor may ask in relation to your Skipton Building Society Transfer of Equity
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 provide a copy of your National Insurance Number?
Please give the details of anyone to be removed from 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 provide the name(s) and addresse(s) of those who jointly own the property with you?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Information to consider in supporting the above Skipton Building Society transfer of equity Advice :
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
If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in 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 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 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 market value 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 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.
Content on 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.