Recently asked questions relating to Swansea Building Society transfer of equity

• My Swansea Building Society mortgage is in joint names with ex, he has agreed to be removed and put the house in my name alone. Swansea Building Society have consented to the transfer of equity to my individual name. Do Swansea Building Society get in touch with my company to check my salary?
• Can you tell me how to have someone removed off the deeds to a property if the mortgage is with Swansea Building Society
• What are my options where I am dissatisfied with the conveyancing solicitor who undertook my transfer of equity transaction?
• I am planning on 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 Friern Barnet conveyancer to deal with the transfer of equity? They need to be on the Swansea Building Society conveyancing panel.
• I acquired a flat with a friend in 2009 Since purchasing the property, we have both got married. We are now intending to do a transfer of equity so my name is taken off the Swansea Building Society mortgage. There is a meaningful difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
• Swansea Building Society have today agreed I can take over the mortgage on my home. I had applied for a transfer of equity but is this a transfer of ownership of the house in addition?
• I currently have a joint Swansea Building Society mortgage with my cousin and am investigating the option of him taking on the whole mortgage and subtracting myself from it, so as to enable me to purchase somewhere with my soon-to-be-wife. The outstanding mortgage is about 200k, and the property value is about 500k. Is this a transfer of equity? Is stamp duty due?

Examples of questions in a conveyancer form concerning a Swansea Building Society Transfer of Equity

General Advice to read in supplemental the above Swansea 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 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, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions 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 conveyancing solicitor 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 conveyancing.

Preparing the Transfer of Equity with a Swansea 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 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 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.