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Stafford Railway Building Society

Frequently asked questions relating to Stafford Railway Building Society transfer of equity

  • Me and my partner jointly own a flat in Miles Platting . Home loan is with Stafford Railway Building Society. I would like to transfer full ownership to him with no exchange of money but without using a lawyer. Do you think this should be easy to so?
  • Stafford Railway Building Society have just agreed I can take over the mortgage on my home. I have applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds on top?
  • I am looking for a lawyer to undertake my transfer of equity. Stafford Railway Building Society are dealing with the remortgage. I thought of asking my financial adviser. I am lead to believe he may get a kickback for recommending someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Any flaws you see in this way of thinking?
  • How do I go about adding or removing names (transfer of equity) to or from my Stafford Railway Building Society mortgage account?
  • I am transferring my share of a flat in Birmingham to my co-owners husband, they are sticking with Stafford Railway Building Society as the the existing lender. We are debating as to who should cover the legal bill for the transfer of equity. Should this be shared or is one party obliged to cover the costs of?
  • My former wife are seeking to get a conveyancer in place for a refinance with Stafford Railway Building Society. Transfer of Equity conveyancing is also neededI have used the different rating based websites and the results are from all over UK. Is it important to have a lawyer local to us?
  • At what stage do I cover the costs of the Stamp Duty Land Tax payable for the transfer of equity in my property in my name alone which is taking place simultaneously with a refinancing with Stafford Railway Building Society?

Questions that your lawyer could ask in relation to your Stafford Railway Building Society Transfer of Equity

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

Please confirm if you are providing any payment for the Transfer of Equity and to whom and disclose the amount?

Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

Please give the name(s) and addresse(s) of anyone to be extracted from the title deeds?

Is it the case that one of the registered owners passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

Information to consider in further to the above Stafford Railway 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 Stafford Railway Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

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 landlord. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in 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 Stafford Railway 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 Stafford Railway 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 Stafford Railway Building Society.

Preparing the Transfer of Equity with a Stafford Railway 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 Stafford Railway 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 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 Stafford Railway Building Society transfer of equity