Examples of recent questions relating to Stafford Railway Building Society transfer of equity
- My mum died half a year ago leaving a unencumbered house to me and my brother in equal shared. He has always lived in the house, there was a clause in her will specifying that the premisescould not be sold for 24 months after her passing so he could reside there for a prescribed period. He now wants to remain in the property beyond the prescribed period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the traditional way to acquire my half from me?
- My decree absolute has gone through as is the consent order. Now I must address the transfer of equity on title deeds and the Stafford Railway Building Society mortgage. I have called Stafford Railway Building Society for the transfer of equity application. What are my next steps?
- After four years separated I have decided to give up my interest in our house to my husband who is re-mortgaging with Stafford Railway Building Society. Can a transfer of equity be completed in one month?
- My former husband are seeking to get a lawyer in place for a refinance with Stafford Railway Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based services and the results are from all over England and Wales. Do we need to have a conveyancer local to us?
- Do I need legal representation when doing a transfer of equity where the mortgage is to remain with Stafford Railway Building Society?
- What should I be budgeting for when it comes to what legal 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 £350 plus VAT by Stafford Railway Building Society's appointed lawyer, Have I been over quoted?
- I am in the process of removing a name from a joint mortgage and the Stafford Railway Building Society need me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Sedgefield
conveyancer to deal with the transfer of equity? They need to be on the Stafford Railway Building Society conveyancing panel.
Questions that your lawyer may ask regarding your Stafford Railway Building Society Transfer of Equity
Who will be responsible for the costs of the Transfer of Equity?
If you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please give the details of anyone to be added to the title deeds?
Please give the details of anyone to be extracted from the property title?
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?
If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Caveats to be read in in addition to the above Stafford Railway Building Society transfer of equity Advice :
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 properties
If your property is 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 breach of your covenants under the lease. This could potentially result in 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 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 valuation of the property at the time of completion of the transfer of equity transaction.
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 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.