Top seven questions relating to Swansea Building Society transfer of equity

• Have recently split up with my wife of 18 years. I'm now back with my mum and dad and she wants to remain in the flat and pay me off. What percentage am I entitled to. Is it half of the equity after paying off the mortgage with Swansea Building Society? I assume proper valuations are necessary but I would like to be sure that I'm getting I am not being taken advantage of
• Three years ago I bought a house without my fiance’s name on the ownership paperwork. My conveyancing solicitor said it is because she was not in the mortgage with Swansea Building Society. Is it possible for me to put her name on the documents at HM Land Registry?
• My former husband are seeking to get a lawyer in place for a refinance with Swansea Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based tools and the results are from all over UK. Do we need to have a lawyer local to us?
• 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 in heated discussion as to who should pay the legal bill for the transfer of equity. Should this be shared or is one party obliged to cover the fees for?
• Is it possible to transfer the equity held in my property with my Swansea Building Society mortgage?
• Will I incur any fees for a Transfer of Equity where the current mortgage is with Swansea Building Society?
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with Swansea Building Society?

Questions that your conveyancer could ask regarding your Swansea Building Society Transfer of Equity

Caveats to be read in conjunction with 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 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 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 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 varies based on the valuation of the property at finalisation of the transfer of equity transaction.

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 conveyancing solicitor 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.