Sample questions relating to Skipton Building Society transfer of equity

• Skipton Building Society have today agreed I can take over the home loan on the flat. I have applied for a transfer of equity but presumably there is a transfer of ownership at HMLR on top?
• I am refinancing my apartment in Crabtree does my lawyer need to be on the Skipton Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
• After three years estranged I have made the decision to give up my share of the property to my husband who is re-mortgaging with Skipton Building Society. Could this transfer of equity be done in 28 days?
• I own a flat in Dunnington , with a Skipton Building Society loan with my former partner. He and his new partner are going to acquire my share. We had consent from Skipton Building Society to replace my name with hers. The transfer of equity has to be completed by a lawyer for Skipton Building Society (apparently). Is it possible for us to deal with the Land Registry formalities?
• My fiance and myself have 50:50 shares in a investment property. I am a top rate tax payer. Preferably I would like to complete a transfer of equity to her sole name with a view to mitigate tax on rental income. If Skipton Building Society are happy with this the legal fees are inexpensive. However what happens when we sell? As I would no longer be on the deeds am I giving up my CGT relief.
• What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Skipton Building Society?
• Law week I split up with my partner of twenty years. I'm now living with my parents again and she wishes to remain in the flat and pay me off. What portion do I get. Is it half of the equity after redeeming the Skipton Building Society home loan? I assume proper valuations are necessary but I really need to be confident that I'm getting what I am entitled to

Examples of information requested in a lawyer questionnaire relating to Skipton Building Society Transfer of Equity

Important warnings to consider in supporting the above Skipton Building Society transfer of equity Info :

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 titles

If your property is leasehold, the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

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 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 market value of the property at the conclusion of the transfer of equity conveyancing.

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.

Information contained within 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.