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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.

Sample questions relating to Stafford Railway Building Society transfer of equity

  • I purchased a property with a friend in 2009 Since buying the property, we have both got married. We are now looking to do a transfer of equity so my name is removed the Stafford Railway Building Society mortgage. There is a significant difference between the value the bank say and what the property would sell for currently. Can you offer any advice?
  • Will I incur any charges for a Transfer of Equity where the existing home loan is with Stafford Railway Building Society?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Stafford Railway Building Society?
  • I am hoping to remortgage my maisonette in Friern Barnet moving from Virgin Money to Stafford Railway Building Society. The flat is currently in joint names but I would like it to be in my sole name as and when I transfer. My husband is OK with this and is happy to sign a form but neither of us want to get a second conveyancer involved.
  • How do I go about adding or removing names (transfer of equity) to or from my Stafford Railway Building Society mortgage account?
  • Stafford Railway Building Society have today agreed I can take over the mortgage on the house. I had applied for a transfer of equity but is this a transfer of ownership at HMLR in addition?
  • I already have a mortgage with Stafford Railway Building Society and am maintaining my existing mortgaging but seeking to have it in my sole name so my ex will be removed from the mortgage. How long does the whole transfer of equity process take?

Information that may be required from your conveyancer is likely to ask about your Stafford Railway Building Society Transfer of Equity

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

Is it the case that one of the registered owners passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Please provide the details of anyone to be extracted from the property title?

Please confirm if you are providing any payment for the Transfer of Equity and to whom and notify us any such sums?

Caveats to be read in further to 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 have a license to do so from the landlord. If such conditions are not strictly observed 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 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 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 valuation 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 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.

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.


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