Sample questions relating to Stafford Railway Building Society transfer of equity
- What legal advice do I need when doing a transfer of equity where the home loan is to remain with Stafford Railway Building Society?
- At what point do I incur stamp duty payable for the transfer of equity in my property in my name alone which is happening at the same time as a switching mortgage via Stafford Railway Building Society?
- My ex-fiance and I are are looking to find a value for money conveyancing solicitor to assist in a transfer of equity and refinance with Stafford Railway Building Society. I want to avoid being ripped off and there are various conveyancing solicitors who do transfer of equity conveyancing to pick from...who do I opt for?
- I am filling out a Stafford Railway Building Society transfer of equity request and have come to the questions concerning debts etc. There are some debts that I have been reducing over a long period, I understand that they no longer remain my credit score. Do I need to declare these?
- I currently have a joint Stafford Railway Building Society mortgage with my brother and am looking into the possibility of him taking on the whole mortgage and extracting myself from it, so as to enable me to buy a place with my partner. The outstanding mortgage is approx 175k, and the property value is in the region 450k. Is this a transfer of equity? Is stamp duty due?
- My former husband are seeking to get a conveyancing solicitor in place for a remortgage with Stafford Railway Building Society. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over England and Wales. Is it important to have a conveyancing solicitor local to us?
- Online reading suggests that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I need to be transferring equity and at the same time remortgaging with Stafford Railway Building Society
Questions that your conveyancer could ask about your Stafford Railway Building Society Transfer of Equity
Please provide a copy of your National Insurance Number?
Please list all persons who occupy the property, their respective ages and relationships to you.
Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Where you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please confirm if you are providing any payment for the Transfer of Equity and to whom and specify the amount?
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?
Information to consider in conjunction with 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 require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach of the lease. This could potentially result in 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 varies based on the market value of the property at finalisation 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 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.
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.