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Skipton Building Society

Top seven questions relating to Skipton Building Society transfer of equity

  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Skipton Building Society mortgage account?
  • Skipton Building Society have just agreed I can take over the mortgage on my home. I previously applied for a transfer of equity but is this a transfer of ownership at the Land Registry as well?
  • My current home loan is with Skipton Building Society. Can I transfer equity to someone under eighteen years old?
  • I am planning on 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 Ampthill conveyancing solicitor to deal with the transfer of equity? They need to be on the Skipton Building Society conveyancing panel.
  • My Skipton Building Society home loan is in joint names with ex, he has agreed to come off the mortgage and put the house in my name alone. Skipton Building Society have consented to the transfer of equity to me solely. Will Skipton Building Society contact my employer to check my salary?
  • The mortgage broker has suggested using their conveyancing solicitor for our Transfer of Equity plus remortgage with Skipton Building Society - Is it not simpler advisable to just use them?
  • Am I best advised stop my mortgage payments with Skipton Building Society as soon as a date for my remortgage and transfer of equity has been set?

Questions that your lawyer could ask about your Skipton Building Society Transfer of Equity

Can you provide the name(s) and addresse(s) of anyone who jointly owns the premises with you?

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?

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?

Who will be responsible for the costs 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?

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 have a license to do so from the freeholder. If such conditions are not complied with you may be in violation 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 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 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 is dependent on the valuation 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 conveyancer 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 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.


Frequently asked questions relating to Skipton Building Society transfer of equity