LenderPanel.com

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

Sample questions relating to Skipton Building Society transfer of equity

  • Is there such a thing a transfer of equity stamp duty calculator?
  • My current home loan is with Skipton Building Society. Can I transfer equity to someone who is not yet eighteen years old?
  • As things stand I have a joint Skipton Building Society mortgage with my step-brother and am looking into the option of him assuming responsibility for the whole mortgage and extracting myself from it, to enable me to purchase a place with my soon-to-be-wife. The remaining mortgage is about 300k, and the property value is about 500k. Is this a transfer of equity? Is stamp duty due?
  • Have recently split up with my ex of thirty years. I'm now living with my mum and dad and she wishes to remain in the apartment and buy me out. What percentage do I get. Is it half of the equity after paying off the Skipton Building Society home loan? I assume proper valuations are necessary but I would like ensure that I'm getting what I am entitled to
  • I am thinking of remortgaging my house in Witham does my lawyer need to be on the Skipton Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
  • I am disposing of my share of a flat in Woodside to my co-owners fiance, they are reapplying to Skipton Building Society. We are debating as to who must cover the legal bill for the transfer of equity. Should this be shared or is one of us liable for the fees for?
  • Taking into account that we have been 4 years separated I have opted to give up my interest in the property to my husband who is re-mortgaging with Skipton Building Society. Can a transfer of equity be completed inside four weeks?

Questions that your lawyer may ask in relation to your Skipton Building Society Transfer of Equity

Please give the details of anyone to be removed from the title deeds?

Please provide a copy of your National Insurance Number?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Is it the case that one of the registered owners passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

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?

Has consent been obtained from Skipton Building Society to the proposed transfer of equity?

General Advice to read in conjunction with 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 premises

If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in 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 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 varies based on the valuation of the property at the time of completion 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.

Information contained within 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