Examples of recent questions relating to Stafford Railway Building Society transfer of equity
- When it comes to transfer of equity conveyancing involving a remortgage with Stafford Railway Building Society should I be charged value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- My mother died early last year leaving a unencumbered semi to me and my step brother equally. Having continues to reside at the premises, there was a clause in her will saying the premisescould not be sold for 24 months following her passing so he could remain there for a specified time frame. He now wishes to remain in the house 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 buy my equity?
- I am disposing of my share of a house in Birmingham to my co-owners fiance, they are reapplying to Stafford Railway Building Society. We are in heated discussion as to who must cover the fees for the transfer of equity. Should this be split or is one party liable for the fees for?
- What legal advice do I need when doing a transfer of equity where the home loan is to remain with Stafford Railway Building Society?
- My divorce is through as is the consent order. Now I have to deal with the transfer of equity for the property and the Stafford Railway Building Society home loan. I have called Stafford Railway Building Society for the transfer of equity application. What do I do now?
- I am filling out a Stafford Railway Building Society transfer of equity application and have come to the part regarding defaults etc. There are some debts that I have been discharging for a number of years, in fact they no longer remain my credit rating. Am I obliged to set these out?
- Law week I separated from my wife of twenty years. I'm now back with my parents again and she wants to stay in the property and pay me off. What portion do I get. Is it 50% of the equity after discharging the Stafford Railway Building Society home loan? I assume proper valuations are necessary but I would like ensure that I'm getting what I am entitled to
Questions that your lawyer may ask regarding your Stafford Railway Building Society Transfer of Equity
Please list all persons who occupy the property, their respective ages and relationships to you.
Please give the details of anyone who jointly owns the premises with you?
Please give the details of anyone to be added to the title deeds?
If you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Has 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.
Is the transfer of equity subject to a court order? If yes please supply a copy
Important warnings to consider in in addition to the above Stafford Railway Building Society transfer of equity Questions and Answers :
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 have a license to do so from the landlord. If such restrictions are not strictly observed 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 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 valuation of the property at the time of completion of the transfer of equity transaction.
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 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. 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.