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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.

Top seven questions relating to Swansea Building Society transfer of equity

  • What can I do where I am unhappy with the lawyer who conducted my transfer of equity conveyancing?
  • I bought a house with my brother in 2010 Since buying the property, 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 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • I plan to refinance my apartment in Friern Barnet switching from Santander to Swansea Building Society. The apartment is jointly owned but wish for it to be in my sole name as and when I remortgage. My former partner has agreed to this and is willing to sign a form but neither of us want to get a second conveyancer involved.
  • Swansea Building Society have just agreed I can take over the home loan on my home. I have applied for a transfer of equity but is this a transfer of ownership at the Land Registry on top?
  • My fiance and I equally own a BTL. I am a top rate tax payer. Preferably I wish to do a transfer of equity into her name with a view to reduce our tax on rental income. If Swansea Building Society are happy with this the legal fees are inexpensive. What are the implications when we sell? Would my GGT relief be lost.
  • Will I incur any charges for a Transfer of Equity where the existing mortgage is with Swansea Building Society?
  • At what stage do I incur the Stamp Duty Land Tax chargeable for the transfer of equity in my house in my name alone which is taking place at the same time as a remortgage via Swansea Building Society?

Questions that your lawyer may ask about your Swansea Building Society Transfer of Equity

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Is it the case that one of the registered proprietors passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

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

Please provide the name(s) and addresse(s) of those who jointly own the property with you?

Information to consider in in addition to 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 properties

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such restrictions are not strictly observed 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 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 lawyer 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 conveyancer 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 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