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Swansea Building Society

Examples of recent questions relating to Swansea Building Society transfer of equity

  • I acquired a house with my brother in 2008 Since buying the property, we have both got married. We are now looking to do a transfer of equity so my name is taken 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 already have a home loan with Swansea Building Society and am retaining my current mortgaging but seeking to have have the equity transferred to my sole name so my ex won't be on it any longer. How long does the whole transfer of equity process take?
  • How much the typical solicitors costs are for a transfer of equity? I'm in the process of remortgaging - moving over to Swansea Building Society - and have been quoted £350 excluding VAT by Swansea Building Society's appointed conveyancing solicitor, Have I been over quoted?
  • My former husband are seeking to get a conveyancing solicitor lined up for a new mortgage with Swansea Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based websites and the results are from all over UK. Do we need to have a conveyancer local to us?
  • I currently have a joint Swansea Building Society mortgage with my brother and am looking into the possibility of him assuming responsibility for the whole mortgage and extracting myself from it, so as to enable me to purchase somewhere with my soon-to-be-wife. The outstanding mortgage is approx 175k, and the property value is approx 450k. Is this a transfer of equity? Is land tax involved?
  • How and when do I incur stamp duty due for the transfer of equity in my house in my name alone which is taking place at the same time as a switching mortgage via Swansea Building Society?
  • My fiance and I equally own a buy to let. I am a top rate tax payer. Ideally I wish to do a transfer of equity into her name with a view to reduce our tax on rental income. Assuming Swansea Building Society are content with this the legal fees are not high. However what happens when we dispose of the property? As I would no longer be on the deeds am I giving up my CGT relief.

Examples of information requested in a conveyancing solicitor questionnaire concerning a Swansea Building Society Transfer of Equity

Please provide a copy of your National Insurance Number?

Is it the case that one of the registered owners passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

Would you like us to draw up a Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

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

Is the transfer of equity subject to a court order? If yes please supply a copy

Important warnings to consider in supporting 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, provisions in the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in breach 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 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 varies based on the valuation 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 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