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Stafford Railway Building Society

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.

Stafford Railway Building Society transfer of equity: q and a’s

  • My existing home loan is with Stafford Railway Building Society. Can I transfer equity to someone less than eighteen years old?
  • My fiance and myself equally own a BTL. I am a higher rate tax payer. Ideally I would like to do a transfer of equity to her sole name in order mitigate tax on rental income. If Stafford Railway Building Society are content with this the legal fees are not prohibitive. What are the implications when we dispose of the property? Would my GGT relief be lost.
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Stafford Railway Building Society?
  • Is it sensible to cancel my mortgage payments with Stafford Railway Building Society as soon as a date for my remortgage and transfer of equity has been set?
  • My ex are planning to get a conveyancer lined up for a refinance 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 UK. Is it important to have a lawyer local to us?
  • As things stand I have a joint Stafford Railway Building Society mortgage with my brother and am looking into the option of him assuming responsibility for the outstanding mortgage and removing myself from it, to enable me to buy a place with my partner. The outstanding mortgage is in the region 300k, and the property value is about 500k. Is this a transfer of equity? Is land tax payable?
  • What is the process for having someone removed from the title documents to a house if the mortgage is with Stafford Railway Building Society

Information that may be required from your conveyancer may ask regarding your Stafford Railway Building Society Transfer of Equity

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

Has consent been obtained from Stafford Railway Building Society to the proposed transfer of equity?

Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

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

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

Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

Important warnings to consider in supporting 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 properties

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach of 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 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 conveyancing solicitor 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 market value of the property at the time of completion 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 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 lawyer 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.


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