Sample questions relating to Stafford Railway Building Society transfer of equity
- Me and my former husband and I are are looking to find a value for money conveyancing lawyer to help me sell in a transfer of equity and remortgage with Stafford Railway Building Society. I want to avoid being ripped off and there are plenty conveyancing practices who do transfer of equity conveyancing to choose from...how do I know which one is best select?
- My partner and I jointly own a property in Friern Barnet
. 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 conveyancer. Do you think this should be straightforward?
- What is the process for having a person removed from the title documents to a house if the mortgage is with Stafford Railway Building Society
- At what point do I cover the costs of stamp duty due for the transfer of equity in my home in my name alone which is taking place at the same time as a refinancing with Stafford Railway Building Society?
- How much the typical solicitors costs are for a transfer of equity? I'm in the process of remortgaging - new loan with Stafford Railway Building Society - and have been quoted Three Hundred pounds excluding VAT by Stafford Railway Building Society's appointed lawyer, Is this is a good price or not?
- I am in the process of refinancing my property in Rye
does my lawyer have to be on the Stafford Railway Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
- I jointly own a property in Witham
, with a Stafford Railway Building Society mortgage with my former partner. Him and his fiance are going to buy me out. We had consent from Stafford Railway Building Society to replace my name with hers. The transfer of equity has to be done by a conveyancer for Stafford Railway Building Society (apparently). In order to save fees can I do the Land Registry change?
Sample of questions in a lawyer form relating to Stafford Railway Building Society Transfer of Equity
Who will be responsible for the costs of the Transfer of Equity?
Is it the case that one of the registered owners passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Is the transfer of equity subject to a court order? If yes please supply a copy
Please list all persons who occupy the property, their respective ages and relationships to you.
Has consent been obtained from Stafford Railway Building Society to the proposed transfer of equity?
General Advice to read in further to the above Stafford Railway Building Society transfer of equity information :
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
If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.
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 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 is dependent on the market value of the property at finalisation 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 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 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.