LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Swansea Building Society

Top seven questions relating to Swansea Building Society transfer of equity

  • Can I apply to request a further advance from Swansea Building Society as part of a Transfer of Equity?
  • I am looking for a conveyancing solicitor to deal with my transfer of equity. Swansea Building Society have been approached for a refinancing. I considered asking my mortgage broker. I understand he may get a referral fee for recommending someone, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Is my logic flawed?
  • What is the process for adding or subtracting names (transfer of equity) to or from my Swansea Building Society mortgage account?
  • My friend and I got a joint mortgage with Swansea Building Society on a flat a couple of years ago. I am now looking to get a apartment by myself and my friend would like to buy me out. On the basis that we can settle on an amount where do we go? Is there likely to be any problem with Swansea Building Society with him being responsible for the total mortgage as opposed to only half of it?
  • I got divorced four years ago. I simply never got around to change the ownership from the current 'joint' status to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Swansea Building Society is content to transfer the full equity in my name (financial checks done). Does she need any legal representation?
  • Am I best advised cancel the direct debit for my mortgage with Swansea Building Society as soon as a date for my remortgage and transfer of equity has been set?
  • My former wife are seeking to get a conveyancing solicitor in place for a refinance with Swansea Building Society. Transfer of Equity conveyancing is also requiredI have used the different rating based websites and the results are from all over UK. Do we need to instruct a lawyer local to us?

Information that may be required from your lawyer may ask regarding your Swansea Building Society Transfer of Equity

Please list all persons who occupy the property, their respective ages and relationships to you.

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

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?

Has one of the registered owners died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Caveats to be 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

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. 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 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 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 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 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