Frequently asked questions relating to Swansea Building Society transfer of equity
- I am in the process of removing a name from a joint mortgage and the Swansea Building Society need me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Wakefield
conveyancer to deal with the transfer of equity? They need to be on the Swansea Building Society conveyancing panel.
- When it comes to transfer of equity conveyancing involving a remortgage with Swansea Building Society should I be invoiced 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
- Will I incur any fees for a Transfer of Equity where the existing home loan is with Swansea Building Society?
- Is it possible to transfer the equity held in my property with my Swansea Building Society home loan?
- I plan to refinance my apartment in Heathfield
changing from Chelsea BS to Swansea Building Society. The home is currently in joint names but propose for it to be in my name only when I switch. My husband is OK with this and is willing to sign a form but neither of us want to get a second conveyancer involved.
- Me and a friend got a joint mortgage with Swansea Building Society on a house a couple of years ago. I am now thinking of purchasing a flat on my own and my friend would like to buy me out. Once we have agreed an amount where do we go? Is there likely to be any concerns with Swansea Building Society with him being on the hook for the total mortgage as opposed to only half of it?
- My Swansea Building Society home loan we jointly entered into with ex, he is agreeable to come off the mortgage and let me have the property. Swansea Building Society will permit the transfer of equity to my individual name. Will Swansea Building Society write my company to confirm my salary?
Sample of information requested in a conveyancer form relating to Swansea Building Society Transfer of Equity
Have you approached Swansea Building Society to obtain consent to the Transfer of Equity
Please list all persons who occupy the property, their respective ages and relationships to you.
Please provide a copy of your National Insurance Number?
Who will be responsible for the costs of the Transfer of Equity?
Please give the details of anyone who jointly owns the premises with you?
Has one of the registered proprietors died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
General Advice to read in in addition to the above Swansea Building Society transfer of equity information :
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 Swansea Building Society conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold titles
Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.
If the transfer of equity is made pursuant to 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 Swansea 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 Swansea 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 finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Swansea Building Society.
Preparing the Transfer of Equity with a Swansea 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 Swansea 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 conveyancing solicitor 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.