Recently asked questions relating to West Bromwich Building Society transfer of equity
- My partner and I co-own a house in Ampthill . Mortgage is with West Bromwich Building Society. I would like to transfer full ownership to him with no passing of money but without using a conveyancer. Do you think this should be simple?
- I am am in need of a lawyer to undertake my transfer of equity. West Bromwich Building Society are dealing with the refinancing. I considered asking my financial adviser. I understand he will likely get a referral fee for recommending a firm, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Any flaws you see in this way of thinking?
- Do I need legal representation when doing a transfer of equity where the home loan is to remain with West Bromwich Building Society?
- I recently purchased a flat without my partner's name on the ownership paperwork. My lawyer advised it is due to the fact that she is not in the mortgage with West Bromwich Building Society. I'm wondering is there any way that I can put her name on the deeds?
- My divorce is through as is the consent order. Now I must sort out the transfer of equity at the HMLR and the West Bromwich Building Society home loan. I have called West Bromwich Building Society for the transfer of equity application. What happens next?
- When it comes to transfer of equity conveyancing involving refinance with West Bromwich Building Society should I be charged VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- I got my Decree Absolute in 2011. I simply never got around to transfer ownership from the current 'joint' status to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. West Bromwich Building Society is happy to transfer the property and loan in my name (affordability checks done). Does she need any legal representation?
Sample of questions in a conveyancer questionnaire relating to West Bromwich Building Society Transfer of Equity
Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?
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 give the name(s) and addresse(s) of anyone to be removed from the property title?
Please provide the name(s) and addresse(s) of those who jointly own the premises with you?
Is the transfer of equity subject to a court order? If yes please supply a copy
Please provide a copy of your National Insurance Number?
Caveats to be read in conjunction with the above West Bromwich Building Society transfer of equity Questions and Answers :
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 have a license to do so from the freeholder. If such conditions are not strictly observed you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.
If the transfer of equity is made pursuant to 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 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 varies based on the market value 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 West Bromwich Building Society.
Preparing the Transfer of Equity with a West Bromwich 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 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 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.