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Are you in need of a Transfer of Equity with a Stafford Railway Building Society mortgage? Failing to check that a lawyer is on the Stafford Railway Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Questions and answers: Stafford Railway Building Society transfer of equity

  • Am I best advised stop my mortgage payments with Stafford Railway Building Society as soon as a date for my remortgage and transfer of equity has been agreed?
  • My ex are seeking to get a conveyancing solicitor in place for a remortgage with Stafford Railway Building Society. Transfer of Equity conveyancing is also requiredI have used the different rating based services and the results are from all over the country. Is it important to appoint a conveyancer local to us?
  • Me and my partner jointly own a house in Dunnington . Home loan is with Stafford Railway Building Society. I would like to transfer full ownership to him with no passing of money but without using a lawyer. Is this likely to be simple?
  • I already have a home loan with Stafford Railway Building Society and am retaining my existing mortgaging but wish to have have the equity transferred to my name only so my ex won't be on it any longer. How long can it take for the paperwork to be processed?
  • My existing mortgage is with Stafford Railway Building Society. Can I transfer equity to someone less than eighteen years old?
  • Me and a friend got a joint mortgage with Stafford Railway Building Society on a apartment about a year ago. I am now looking to get a house on my own and my friend would like to buy me out. On the basis that we can settle on a price what are the next steps? Would there be any potential issue with Stafford Railway Building Society with him being solely liable for the total loan as opposed to only part of it?
  • My Stafford Railway Building Society mortgage we jointly entered into with ex, he has agreed to be removed and put the house in my name alone. Stafford Railway Building Society will permit the transfer of equity to my individual name. Will Stafford Railway Building Society call my company to confirm my salary?

Information that may be required from your conveyancing solicitor is likely to ask regarding your Stafford Railway Building Society Transfer of Equity

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 this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what sums

Please let us know of you wish us to draft you Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?

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

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Important warnings to consider in conjunction with the above Stafford Railway Building Society transfer of equity Info :

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 titles

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach 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 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 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 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 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 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