Top seven questions relating to Stafford Railway Building Society transfer of equity

• I understand we would need at least AP1 and TR1. Is this true?
• My Stafford Railway Building Society mortgage we jointly entered into with ex, he has agreed to be removed and let me have the property. Stafford Railway Building Society will permit the transfer of equity to my individual name. Do Stafford Railway Building Society contact my boss to check my salary?
• I intend to remortgage my flat in Winchelsea changing from Barclays to Stafford Railway Building Society. The flat is currently in joint names but I would like it to be in my sole name as and when I switch. My wife has agreed to this and is willing to transfer equity but neither of us want to incur conveyancing solicitor charges.
• I got divorced three years ago. I simply never dealt with the transfer ownership from the current 'joint' status to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Stafford Railway Building Society is content to transfer the property and loan in my name (financial checks done). Does my ex need a solicitor?
• I am in the process of refinancing my house in Witham does my lawyer need to be on the Stafford Railway Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
• I am selling my share of a flat in Warwick to the other co-owners husband, they are sticking with Stafford Railway Building Society as the the existing mortgage company. We are debating as to who must pay the costs of the transfer of equity. Should this be split or is one of us obliged to cover the costs of?
• My current mortgage is with Stafford Railway Building Society. Can I transfer equity to someone under 18 years old?

Sample of information requested in a conveyancer form relating to Stafford Railway Building Society Transfer of Equity

General Advice to read in conjunction with the above Stafford Railway Building Society transfer of equity Info :

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 require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under 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 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 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 varies based on the market value of the property at the time of completion of the transfer of equity transaction.

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.

Content 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. Lender Panel.com Ltd will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.