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Stafford Railway Building Society

Recently asked questions relating to Stafford Railway Building Society transfer of equity

  • I am searching for an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with Stafford Railway Building Society. I really don't want to get ripped off and there are so many conveyancing practices who do transfer of equity conveyancing out there...how do I know which is best select?
  • I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
  • Law month I separated from my partner of 18 years. I'm now living with my mum and dad and she wants to remain in the flat and buy me out. What portion am I entitled to. Is it 50% of the equity after discharging the Stafford Railway Building Society home loan? I assume proper valuations are required but I really need to be confident that I'm getting what I am entitled to
  • Can I transfer the equity held in my property with my Stafford Railway Building Society mortgage?
  • I am in the process of removing a name from a joint mortgage and the Stafford Railway Building Society require me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Miles Platting conveyancer to deal with the transfer of equity? They need to be on the Stafford Railway Building Society conveyancing panel.
  • What should I be budgeting for when it comes to what legal fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Stafford Railway Building Society - and have been quoted £250 excluding VAT by Stafford Railway Building Society's appointed conveyancing solicitor, Is this is a good price or not?
  • My Stafford Railway Building Society home loan is in joint names with ex, he is agreeable to be removed and put the house in my name alone. Stafford Railway Building Society will permit the transfer of equity to me solely. Will Stafford Railway Building Society call my boss to verify my salary?

Examples of questions in a lawyer questionnaire concerning a Stafford Railway Building Society Transfer of Equity

Please provide the details of anyone to be removed from the title deeds?

Is the transfer of equity subject to a court order? If yes please supply a copy

Is it the case that one of the registered owners passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please give the name(s) and addresse(s) of anyone to be added to the property title?

Where you 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?

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

Important warnings to consider in supplemental the above Stafford Railway Building Society transfer of equity Questions and Answers :

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

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach 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 as a result of 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 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 market value of the property at the conclusion 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 conveyancing solicitor 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.

Content 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