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Skipton Building Society

Sample questions relating to Skipton Building Society transfer of equity

  • I am hoping to refinance my apartment in Rye changing from Yorkshire Building Society to Skipton Building Society. The apartment is jointly owned but I would like it to be in my name only when I remortgage. My husband is OK with this and is willing to transfer equity but neither of us want to incur conveyancer fees.
  • I jointly own a house in Ampthill , with a Skipton Building Society loan with my ex husband. Him and his fiance are going to buy me out. We had consent from Skipton Building Society to replace my name with hers. The transfer of equity has to be completed by a conveyancing solicitor for Skipton Building Society (apparently). Is it possible for us to do the Land Registry formalities?
  • My partner and I jointly own a flat in Romsey . Mortgage is with Skipton Building Society. I wish to transfer full ownership to him with no passing of money but without using a conveyancer. Do you think this should be easy to so?
  • My divorce has gone through as is the consent order. Now I must sort out the transfer of equity on title deeds and the Skipton Building Society home loan. I have called Skipton Building Society for the transfer of equity application. What happens next?
  • Can I transfer the equity held in my property with my Skipton Building Society home loan?
  • My ex-partner and I are searching for an affordable conveyancing lawyer to help me sell in a transfer of equity and remortgage with Skipton Building Society. I I am concerned about being overcharged but with so many conveyancing solicitors who do transfer of equity conveyancing to pick from...who's the best?
  • How much the typical conveyancing charges are for a transfer of equity? I'm in the process of remortgaging - moving over to Skipton Building Society - and have been quoted £350 including VAT by Skipton Building Society's appointed conveyancing solicitor, Have I been over quoted?

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

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 give details of the amount?

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

Please give the details of anyone to be added to the property title?

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

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Important warnings to consider in supporting the above Skipton Building Society transfer of equity Questions and Answers :

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 titles

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not complied with 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 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 lawyer 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.

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