Common questions relating to Swansea Building Society transfer of equity
- I already have a mortgage with Swansea Building Society and am keeping my current mortgaging but applying to have it in my name alone so my ex will be removed from the title. How long can it take for the forms to be processed?
- I got my Decree Absolute three years ago. Foolishly I never dealt with the change the ownership from the current 'joint' status to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Swansea Building Society is happy to transfer the full equity in my name (financial checks done). Does she need a lawyer?
- My mortgage broker has recommended their conveyancer for our Transfer of Equity plus remortgage with Swansea Building Society - Surely it’s easier to just instruct them?
- What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Swansea Building Society?
- When it comes to transfer of equity conveyancing involving a remortgage with Swansea Building Society should I be charged value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- Can I transfer the equity held in my property with my Swansea Building Society home loan?
- In 2009 I purchased a property without my partner's name on the ownership paperwork. My conveyancing solicitor advised it is due to the fact that she is not in the loan offer with Swansea Building Society. Is it possible for me to add her name on the documents at HM Land Registry?
Information that may be required from your conveyancing solicitor may ask in relation to your Swansea Building Society Transfer of Equity
If you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please provide a copy of your National Insurance Number?
Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?
Who will be responsible for the costs of the Transfer of Equity?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please provide the name(s) and addresse(s) of anyone who jointly owns the property with you?
General Advice to read in conjunction with the above Swansea Building Society transfer of equity Info :
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 premises
If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 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 varies based on the market value 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 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 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.