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Stafford Railway Building Society

Stafford Railway Building Society transfer of equity: q and a’s

  • Is there such a thing a transfer of equity stamp duty calculator?
  • What can I do where I am dissatisfied with the conveyancer who conducted my transfer of equity transaction?
  • I am filling out a Stafford Railway Building Society transfer of equity application and have come to the questions concerning defaults etc. I do some debts that I have been reducing for a number of years, I understand that they no longer remain my credit rating. Am I obliged to declare these?
  • How and when do I cover the costs of the Stamp Duty Land Tax payable for the transfer of equity in my home in my name alone which is happening simultaneously with a switching mortgage via Stafford Railway Building Society?
  • I am am in need of a conveyancer to deal with 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 referral fee for recommending a firm, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic flawed?
  • Can I transfer the equity held in my property with my Stafford Railway Building Society mortgage?
  • My divorce is through as is the consent order. Now I have to deal with the transfer of equity on title deeds and the Stafford Railway Building Society mortgage. I have contacted Stafford Railway Building Society for the transfer of equity forms. What do I do now?

Examples of questions in a conveyancer questionnaire relating to Stafford Railway Building Society Transfer of Equity

Who will be responsible for the costs of the Transfer of Equity?

Please provide a copy of your National Insurance Number?

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)?

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

Is there to be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Important warnings to consider in conjunction with the above Stafford Railway Building Society transfer of equity Advice :

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 Stafford Railway Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

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 conditions are not strictly observed 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 pursuant to an Order of the Court, then Insolvency Indemnity Insurance is not required. In other cases, 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 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 varies based on the valuation of the property at the conclusion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Stafford Railway Building Society your property may be repossessed.

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