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Are you in need of a Transfer of Equity with a Swansea Building Society mortgage? Failing to check that a lawyer is on the Swansea Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Frequently asked questions relating to Swansea Building Society transfer of equity

  • My former wife are planning to get a conveyancer lined up for a remortgage with Swansea Building Society. Transfer of Equity conveyancing is also necessaryI have used the different comparison based services and the results are from all over UK. How necessary is it to have a lawyer local to us?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Swansea Building Society?
  • What do I do if I am not happy with the lawyer who carried out my transfer of equity conveyancing?
  • What if my application doesn't meet Swansea Building Society lending criteria for a transfer of equity?
  • My Swansea Building Society mortgage is in joint names with ex, he has agreed to come off the deeds and put the house in my name alone. Swansea Building Society will permit the transfer of equity to my individual name. Do Swansea Building Society write my employer to confirm my salary?
  • I bought a house with my brother five.seven years ago Since then, we have both got married. We are now seeking to do a transfer of equity so my name comes off the Swansea Building Society mortgage. There is a 40k difference between the value the mortgage company say and what the property would sell for currently. Can you offer any advice?
  • I already have a mortgage with Swansea Building Society and am keeping my existing mortgaging but seeking to have it in my name alone so my ex will be removed from the mortgage. How long does the whole transfer of equity process take?

Sample of questions in a conveyancer form relating to Swansea Building Society Transfer of Equity

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

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.

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

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

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?

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

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

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 properties

If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation 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 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 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 market value 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 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 conveyancer 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 lawyer 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 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.


Frequently asked questions relating to Swansea Building Society transfer of equity