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Stafford Railway Building Society

Stafford Railway Building Society transfer of equity example support desk enquires

  • I am looking for a lawyer to deal with my transfer of equity. Stafford Railway Building Society have been approached for a remortgage. I thought of asking my mortgage broker. I understand he will likely receive a referral fee for suggesting a firm, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic misguided?
  • Law month I split up with my wife of 18 years. I'm now living with my mum and dad and she wishes to stay in the flat and buy me out. What portion am I entitled to. Is it half of the equity after paying off the mortgage with Stafford Railway Building Society? I assume proper valuations are necessary but I would like ensure that I'm getting I am not being walked over
  • My Stafford Railway Building Society home loan is in joint names with ex, who is agreeable to be removed and let me have the property. Stafford Railway Building Society will permit the transfer of equity to me solely. Do Stafford Railway Building Society call my boss to check my salary?
  • My ex-fiance and I are are looking to find a dependable conveyancing lawyer to help me sell in a transfer of equity and remortgage with Stafford Railway Building Society. I really don't want to get ripped off and there's lots of conveyancing practices who do transfer of equity conveyancing out there...who's the best?
  • My wife and I jointly own a investment property. I am a top rate tax payer. Ideally I would like to do a transfer of equity into her name in order mitigate tax on rental income. Assuming Stafford Railway Building Society are content with this the legal fees are not prohibitive. What are the implications when we sell? Would my GGT relief be lost.
  • I am in the process of mortgaging my home in Blaenavon does my lawyer need to be on the Stafford Railway Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
  • My partner and I jointly own a flat in Wakefield . Mortgage is with Stafford Railway Building Society. I wish to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be simple?

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

Can you give the details of those who jointly own the premises with you?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

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 give the details of anyone to be extracted from the property title?

Is it the case that one of the registered proprietors died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

General Advice to read in in addition to 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 titles

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to 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 as a result of 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 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 conveyancer 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 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