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Stafford Railway Building Society

Examples of recent questions relating to Stafford Railway Building Society transfer of equity

  • Can I transfer the equity held in my property with my Stafford Railway Building Society home loan?
  • I own a apartment in Winchelsea , with a Stafford Railway Building Society mortgage with my ex husband. He and his fiance are going to acquire my share. We had the go ahead from Stafford Railway Building Society to remove my name with hers. The transfer of equity has to be done by a conveyancer for Stafford Railway Building Society (supposedly). Is it possible for us to deal with the Land Registry change?
  • I recently bought a flat without my fiance’s name on the deeds. My lawyer advised it is due to the fact that she is not in the mortgage with Stafford Railway Building Society. I'm wondering is there any way that I can put her name on the deeds?
  • I am considering refinancing my apartment in Romsey does my lawyer need to be on the Stafford Railway Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
  • What do I do if I am not happy with the lawyer who handled my transfer of equity transaction?
  • My father died seven months ago leaving a unencumbered house to me and my brother in equal shared. Having continues to reside at the property, there was a condition in her will saying the propertycould not be sold for three years after her death so he could reside there for a prescribed period. He now says he would like to remain in the house beyond the specified period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the usual way to acquire my equity?
  • Have recently split up with my partner of thirty years. I'm now back with my parents again and she wishes to stay in the property and pay me off. What percentage do I get. Is it half of the equity after redeeming the mortgage with Stafford Railway Building Society? I assume proper valuations are required but I really need to be sure that I'm getting the best deal

Sample of questions in a conveyancing solicitor form relating to Stafford Railway Building Society Transfer of Equity

Please give the name(s) and addresse(s) of anyone to be extracted from the title deeds?

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

Who will be responsible for the costs of the Transfer of Equity?

Please provide the details of anyone to be added to the property title?

Is there to be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Please provide a copy of your National Insurance Number?

Information to consider in in addition to 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 freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to 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 the conclusion 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 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.


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