Sample questions relating to Stafford Railway Building Society transfer of equity

• I purchased a property with a friend in 2009 Since purchasing the property, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Stafford Railway Building Society mortgage. There is a 30k difference between the value the bank hold and what the property would sell for currently. Can you offer any advice?
• The mortgage broker has suggested using their conveyancing solicitor for my Transfer of Equity plus remortgage with Stafford Railway Building Society - won’t it be easier to just use them?
• What legal advice do I need when doing a transfer of equity where the home loan is to remain with Stafford Railway Building Society?
• Been looking at online forums that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I need to be transferring equity and simultaneously refinancing with Stafford Railway Building Society
• I am led to believe we would need at least AP1 and TR1. Is this true?
• Is it possible to transfer the equity held in my property with my Stafford Railway Building Society home loan?
• I am completing a Stafford Railway Building Society transfer of equity application and have come to the questions that asks about debts etc. There are some debts that I have been reducing since 2008, I understand that they have long since disappeared from my credit score. Must I set these out?

Questions that your lawyer is likely to ask in relation to your Stafford Railway Building Society Transfer of Equity

Important warnings to consider in supplemental the above Stafford Railway Building Society transfer of equity Advice :

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, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger 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 market value of the property at the time of completion of the transfer of equity transaction.

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 provided 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.