West Bromwich Building Society transfer of equity: q and a’s

• Can you tell me how to have someone removed off the deeds to a property where the home loan is with West Bromwich Building Society
• My -ex-husband and I are searching for an affordable conveyancing solicitor to assist in a transfer of equity and refinance with West Bromwich Building Society. I am aware of the possibility of getting ripped off and there are plenty conveyancing firms who do transfer of equity conveyancing to choose from...who do I opt for?
• At what point do I incur stamp duty chargeable for the transfer of equity in my property in my sole name which is happening at the same time as a switching mortgage with West Bromwich Building Society?
• West Bromwich Building Society have today agreed I can take over the mortgage on my home. I had applied for a transfer of equity but is this a transfer of ownership at the Land Registry as well?
• How much the typical conveyancing costs are for a transfer of equity? I need to transfer equity and refinance - moving over to West Bromwich Building Society - and have been quoted Three Hundred pounds including VAT by West Bromwich Building Society's approved conveyancer, Have I been over quoted?
• Can I apply to request more money from West Bromwich Building Society as part of a Transfer of Equity?
• Me and a friend got a joint mortgage with West Bromwich Building Society on a flat a couple of years ago. I am now looking to get a house on my own and my friend would like to buy me out. Assuming we can agree a figure what happens next? Is there likely to be any concerns with West Bromwich Building Society with him being solely liable for the total mortgage as opposed to only half of it?

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

Important warnings to consider in further to the above West Bromwich 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 West Bromwich 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.

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 West Bromwich 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 West Bromwich 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 the conclusion of the transfer of equity transaction.

Preparing the Transfer of Equity with a West Bromwich 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 West Bromwich 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.

Information provided on 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.