Sample questions relating to Skipton Building Society transfer of equity
- What should I be budgeting for when it comes to what solicitors costs are for a transfer of equity? I need to transfer equity and remortgage - new loan with Skipton Building Society - and have been quoted £250 including VAT by Skipton Building Society's approved conveyancing solicitor, Have I been over quoted?
- My friend and I got a joint mortgage with Skipton Building Society on a apartment about a year ago. I am now thinking of purchasing a apartment on my own and my friend would like to buy me out. On the basis that we can settle on a figure what are the next steps? Would there be any potential issue with Skipton Building Society with him being solely liable for the total mortgage rather than only half of it?
- I am in the process of removing a name from a joint mortgage and the Skipton Building Society need me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Witham
lawyer to deal with the transfer of equity? They need to be on the Skipton Building Society conveyancing panel.
- Is there such a thing a transfer of equity stamp duty calculator?
- My partner and I have equal shares in a buy to let. I am a higher rate tax payer. Ideally I would like to do a transfer of equity into her name to reduce our tax on the letting income. If Skipton Building Society are fine with this the legal fees are not prohibitive. What are the implications when we dispose of the property? As I would no longer be on the deeds am I giving up my CGT relief.
- Last year purchased a house without my partner's name on the ownership paperwork. My conveyancing solicitor said it is due to the fact that she is not in the loan offer with Skipton Building Society. I'm wondering is there any way that I can add her name on the title?
- I am searching for a responsive conveyancing solicitor to assist in a transfer of equity and refinance with Skipton Building Society. I I am fearful of being overcharged and there's so many conveyancing practices who do transfer of equity conveyancing to choose from...who do I opt for?
Questions that your lawyer may ask in relation to your Skipton Building Society Transfer of Equity
Please give the name(s) and addresse(s) of anyone to be removed from the title deeds?
If you are adding someone 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 clarify where you are providing any payment for the Transfer of Equity and to whom and give details of the amount?
Who will be responsible for the costs of the Transfer of Equity?
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?
Would you like us to prepare Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?
Caveats to be read in conjunction with 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 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 terms are not adhered to you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.
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 finalisation of the transfer of equity transaction.
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 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 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 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.