Examples of recent questions relating to West Bromwich Building Society transfer of equity
- Am I best advised stop my mortgage payments with West Bromwich Building Society as soon as a date for my remortgage and transfer of equity has been set?
- My partner and myself jointly own a investment property. I am a top rate tax payer. Preferably I would like to complete a transfer of equity to her sole name with a view to mitigate tax on the letting income. If West Bromwich Building Society are happy with this the legal fees are not high. However what happens when we sell? Would my GGT relief be lost.
- My former wife are planning to get a conveyancer lined up for a new mortgage with West Bromwich Building Society. Transfer of Equity conveyancing is also neededI 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?
- My decree absolute has gone through as is the consent order. Now I must deal with the transfer of equity on title deeds and the West Bromwich Building Society home loan. I have asked West Bromwich Building Society for the transfer of equity forms. What do I do now?
- I am thinking of refinancing my home in Friern Barnet
does my lawyer have to be on the West Bromwich Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
- My West Bromwich Building Society mortgage we jointly entered into with ex, who is agreeable to be removed and let me have the property. West Bromwich Building Society have consented to the transfer of equity to my individual name. Do West Bromwich Building Society write my employer to confirm my salary?
- Will I have to pay any charges for a Transfer of Equity where the current home loan is with West Bromwich Building Society?
Sample of information requested in a conveyancer questionnaire relating to West Bromwich Building Society Transfer of Equity
Please provide a copy of your National Insurance Number?
If 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?
Has consent been obtained from West Bromwich Building Society to the proposed transfer of equity?
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?
Please give the details of anyone to be added to the title deeds?
Please list all persons who occupy the property, their respective ages and relationships to you.
Information to consider in in addition to the above West Bromwich Building Society transfer of equity Advice :
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, 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 conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 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 market value of the property at the time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with West Bromwich Building Society your property may be repossessed.
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 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.