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Skipton Building Society

Recently asked questions relating to Skipton Building Society transfer of equity

  • Online reading suggests that solicitors are more expensive than conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I need to be transferring equity and at the same time switching mortgage with Skipton Building Society
  • My Skipton Building Society home loan we jointly entered into with ex, who has agreed to be removed and let me have the property. Skipton Building Society have consented to the transfer of equity to me solely. Do Skipton Building Society call my employer to confirm my salary?
  • What are my options where I am dissatisfied with the conveyancer who undertook our transfer of equity transaction?
  • I am hoping to refinance my apartment in Miles Platting changing from Chelsea BS to Skipton Building Society. The maisonette is currently in joint names but I would like it to be in my name only once I switch. My husband has agreed to this and is willing to transfer equity but neither of us want to incur conveyancer charges.
  • Having been a number of years estranged I have decided to give up my share of the former home to my husband who is re-mortgaging with Skipton Building Society. Can a transfer of equity be done within one month?
  • My partner and I equally own a BTL. I am a higher rate tax payer. Ideally I wish to do a transfer of equity into her name to mitigate tax on the letting income. If Skipton Building Society are content with this the legal fees are inexpensive. However what happens when we dispose of the property? Would my GGT relief be lost.
  • When it comes to transfer of equity conveyancing involving refinance with Skipton Building Society should I be paying value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee

Examples of questions in a conveyancing solicitor questionnaire relating to Skipton Building Society Transfer of Equity

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

Please list all persons who occupy the property, their respective ages and relationships to you.

Is the transfer of equity subject to a court order? If yes please supply a copy

Where 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.

Has 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 provide the name(s) and addresse(s) of those who jointly own the property with you?

General Advice to read in supplemental 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

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach 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 pursuant to 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 varies based on the market value 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 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.


Frequently asked questions relating to Skipton Building Society transfer of equity