Common questions relating to Stafford Railway Building Society transfer of equity
- I am considering remortgaging my flat in Rye
does my lawyer need to be on the Stafford Railway Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
- My divorce is through as is the consent order. Now I must deal with the transfer of equity for the property and the Stafford Railway Building Society mortgage. I have asked Stafford Railway Building Society for the transfer of equity forms. What are my next steps?
- Is it sensible to cancel the direct debit for my mortgage with Stafford Railway Building Society as soon as a date for my remortgage and transfer of equity has been set?
- I bought a property with a friend in 2009 Since then, we have both got married. We are now seeking to do a transfer of equity so my name is removed the Stafford Railway Building Society mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
- Law month I split up with my wife of twenty years. I'm now living with my mum and dad and she wants to remain in the apartment and buy me out. What percentage am I entitled to. 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
- I am am in need of a conveyancer to deal with my transfer of equity. Stafford Railway Building Society are dealing with the remortgage. I thought of asking my financial adviser. I am lead to believe he may receive a kickback for recommending a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?
- I currently have a joint Stafford Railway Building Society mortgage with my cousin and am looking into the feasibility of him assuming responsibility for the outstanding mortgage and extracting myself from it, to enable me to purchase a place with my soon-to-be-wife. The remaining mortgage is in the region 175k, and the property value is in the region 450k. Is this a transfer of equity? Is stamp duty involved?
Information that may be required from your conveyancer is likely to ask about your Stafford Railway Building Society Transfer of Equity
Is the transfer of equity subject to a court order? If yes please supply a copy
Please clarify where you are making any payment for the Transfer of Equity and to whom and specify the amount?
Please give the name(s) and addresse(s) of anyone to be added to the title deeds?
Please provide a copy of your National Insurance Number?
Who will be responsible for the costs of the Transfer of Equity?
Please give the name(s) and addresse(s) of anyone to be removed from the property title?
Caveats to be read in in addition to the above Stafford Railway Building Society transfer of equity information :
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 premises
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 violation of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.
If the transfer of equity is made pursuant to an Order of the Court, then Insolvency Indemnity Insurance is not required. In other cases, 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 lawyer 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 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 lawyer 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.
Information contained within 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.