LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Stafford Railway Building Society

Top seven questions relating to Stafford Railway Building Society transfer of equity

  • I got divorced three years ago. For some reason I never got around to change the ownership from the current 'joint' status to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Stafford Railway Building Society is content to transfer the full equity in my name (affordability checks done). Does my ex need a solicitor?
  • My decree absolute is through as is the consent order. Now I need to sort out the transfer of equity on title deeds and the Stafford Railway Building Society mortgage. I have contacted Stafford Railway Building Society for the transfer of equity application. What are my next steps?
  • Two years ago I bought a house without my fiance’s name on the title. My lawyer said it is due to the fact that she is not in the mortgage with Stafford Railway Building Society. Is it possible for me to put her name on the title?
  • When it comes to transfer of equity conveyancing involving refinance with Stafford Railway Building Society should I be paying VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • How much the typical solicitors costs are for a transfer of equity? I'm in the process of remortgaging - moving over to Stafford Railway Building Society - and have been quoted £350 plus VAT by Stafford Railway Building Society's approved lawyer, Have I been over quoted?
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Stafford Railway Building Society mortgage account?
  • Do I need legal advice when doing a transfer of equity where the home loan is to remain with Stafford Railway Building Society?

Examples of information requested in a lawyer form concerning a Stafford Railway Building Society Transfer of Equity

Have you approached Stafford Railway Building Society to seek consent to the Transfer of Equity

We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)

Please clarify if you are making any payment for the Transfer of Equity and to whom and specify the amount?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Can you give the details of those who jointly own the property with you?

Important warnings to consider 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 titles

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with 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 varies based on the market value of the property at finalisation of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Stafford Railway Building Society your property may be repossessed.

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 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