Questions and answers: West Bromwich Building Society transfer of equity
- My West Bromwich Building Society mortgage we jointly entered into with ex, who has agreed to come off the mortgage and let me have the property. West Bromwich Building Society will permit the transfer of equity to my individual name. Will West Bromwich Building Society get in touch with my employer to verify my salary?
- At what stage do I cover the costs of stamp duty due for the transfer of equity in my property in my sole name which is taking place simultaneously with a remortgage via West Bromwich Building Society?
- I am in the process of removing a name from a joint mortgage and the West Bromwich Building Society need me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Crabtree
lawyer to deal with the transfer of equity? They need to be on the West Bromwich Building Society conveyancing panel.
- I intend to remortgage my flat in Sedgefield
changing from Natwest to West Bromwich Building Society. The home is jointly owned but wish for it to be in my name only as and when I transfer. My husband has agreed to this and is happy to sign a form but neither of us want to get a second conveyancer involved.
- I already have a mortgage with West Bromwich Building Society and am keeping my current mortgaging but applying to have it in my name only so my former husband will no longer be on the deeds. How long can it take for the application to be processed?
- Have recently separated from my wife of 18 years. I'm now living with my mum and dad and she wants to stay in the apartment and buy me out. What percentage do I get. Is it 50% of the equity after paying off the West Bromwich Building Society home loan? I assume proper valuations are necessary but I would like ensure that I'm getting the best deal
- My partner and I co-own a house in Sedgefield
. Home loan is with West Bromwich Building Society. I want to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be easy to so?
Sample of questions in a lawyer form concerning a West Bromwich Building Society Transfer of Equity
Would you like us to draft you Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?
Have you approached West Bromwich Building Society to obtain consent to the 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?
Has one of the registered proprietors passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..
Please provide 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.
General Advice to read in supplemental the above West Bromwich 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 West Bromwich Building Society conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold titles
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 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.
If the transfer of equity is made pursuant to 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 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 varies based on the valuation of the property at the conclusion of the transfer of equity transaction.
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 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.
Content 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.