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Are you in need of a Transfer of Equity with a Skipton Building Society mortgage? Failing to check that a lawyer is on the Skipton Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Recently asked questions relating to Skipton Building Society transfer of equity

  • Is there such a thing a transfer of equity stamp duty calculator?
  • My partner and I co-own a house in Wakefield . Home loan is with Skipton Building Society. I wish to transfer full ownership to him with no exchange of money but without using a conveyancer. Is this likely to be easy to so?
  • In 2012 I purchased a flat without my wife's name on the deeds. My conveyancing solicitor claimed it is because she is not in the loan offer with Skipton Building Society. I'm wondering is there any way that I can put her name on the deeds?
  • I am looking for a conveyancing solicitor to deal with my transfer of equity. Skipton Building Society have been approached for a refinancing. I considered asking my mortgage broker. I understand he may get a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Is my logic misguided?
  • I bought a house with my brother six years ago Since purchasing the property, we have both got married. We are now intending to do a transfer of equity so my name is taken off the Skipton Building Society mortgage. There is a meaningful difference between the value the bank hold and what the property would sell for currently. Can you offer any advice?
  • Is it possible to apply to request more money from Skipton Building Society as part of a Transfer of Equity?
  • My divorce has gone through as is the consent order. Now I have to deal with the transfer of equity on title deeds and the Skipton Building Society mortgage. I have contacted Skipton Building Society for the transfer of equity forms. What are my next steps?

Questions that your conveyancer may ask regarding your Skipton Building Society Transfer of Equity

Has one of the registered owners passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Please provide a copy of your National Insurance Number?

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

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

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. 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 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 varies based on the market value of the property at the conclusion of the transfer of equity conveyancing.
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 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 lawyer 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 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