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Stafford Railway Building Society

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

  • Stafford Railway Building Society yesterday agreed I can take over the home loan on the house. I have applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry on top?
  • Me and a friend got a joint mortgage with Stafford Railway Building Society on a property a couple of years ago. I am now thinking of purchasing a house by myself and my friend would like to buy me out. Assuming we can agree an amount where do we go? Would there be any potential concerns with Stafford Railway Building Society with him being on the hook for the total loan as opposed to only part of it?
  • My decree absolute is through as is the consent order. Now I need to sort out the transfer of equity for the property and the Stafford Railway Building Society home loan. I have called Stafford Railway Building Society for the transfer of equity application. What do I do now?
  • I jointly own a flat in Timperley , with a Stafford Railway Building Society loan with my ex partner. He and his fiance are going to acquire my share. We had approval from Stafford Railway Building Society to substitute my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Stafford Railway Building Society (apparently). Can we deal with the Land Registry change?
  • Is it possible to apply to borrow more money from Stafford Railway Building Society as part of a Transfer of Equity?
  • I purchased a house with my cousin six years ago Since then, we have both got married. We are now looking to do a transfer of equity so my name comes off the Stafford Railway Building Society mortgage. There is a 30k difference between the value the lender say and what the property would sell for currently. Can you offer any advice?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Stafford Railway Building Society?

Questions that your conveyancing solicitor is likely to ask about your Stafford Railway Building Society Transfer of Equity

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Please let us know where you are providing any payment for the Transfer of Equity and to whom and specify any such sums?

Please provide the details of anyone who jointly owns the property with you?

Please list all persons who occupy the property, their respective ages and relationships to you.

Where you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Is it the case that one of the registered proprietors died? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Important warnings to consider in further 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 premises

If your property is leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could potentially result in 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 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 varies based on the valuation 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 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 conveyancer 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