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Swansea Building Society

Examples of recent questions relating to Swansea Building Society transfer of equity

  • I am transferring my share of a property in Birmingham to the other co-owners fiance, they are sticking with Swansea Building Society being the the existing mortgage company. We are haggling as to who should cover the legal bill for the transfer of equity. Should this be shared or is one of us obliged to cover the fees for?
  • Me and a friend got a joint mortgage with Swansea Building Society on a property a couple of years ago. I am now looking to get a apartment by myself and my friend would like to buy me out. Once we have agreed a figure what happens next? Would there be any potential issue with Swansea Building Society with him being solely liable for the total mortgage as opposed to only part of it?
  • Last year bought a property without my wife's name on the ownership paperwork. My conveyancing solicitor advised it is because she was not in the loan offer with Swansea Building Society. I'm wondering is there any way that I can add her name on the documents at HMLR?
  • Can I transfer the equity held in my property with my Swansea Building Society mortgage?
  • My existing mortgage is with Swansea Building Society. Can I transfer equity to someone under 18 years old?
  • Taking into account that we have been 3 years separated I have decided to give up my share of the former home to my husband who is re-mortgaging with Swansea Building Society. Can a transfer of equity be completed in four weeks?
  • I am am in need of a conveyancing solicitor to undertake my transfer of equity. Swansea Building Society have been approached for a remortgage. I considered asking my mortgage broker. I am lead to believe he may receive a referral fee for suggesting a firm, but also of benefit will be that he knows the lawyer, has dealt with them before. Any flaws you see in this way of thinking?

Sample of questions in a lawyer form concerning a Swansea Building Society Transfer of Equity

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

Has 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.

Where you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Has consent been obtained from Swansea Building Society to the proposed transfer of equity?

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

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?

Important warnings to consider in in addition to the above Swansea Building Society transfer of equity Advice :

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 obtain the consent of the landlord. If such conditions are not complied with you may be in breach of your covenants under 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 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 market value of the property at the time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Swansea Building Society your property may be repossessed.

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.

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 Swansea Building Society transfer of equity