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West Bromwich Building Society

Are you in need of a Transfer of Equity with a West Bromwich Building Society mortgage? Failing to check that a lawyer is on the West Bromwich Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Frequently asked questions relating to West Bromwich Building Society transfer of equity

  • I am transferring my equity in flat in Woodside to the other co-owners fiance, they are reapplying to West Bromwich Building Society. We are haggling as to who must pay the fees for the transfer of equity. Should this be split or is one party obliged to cover the costs of?
  • My current mortgage is with West Bromwich Building Society. Can I transfer equity to someone less than eighteen years old?
  • My former wife are seeking to get a lawyer in place for a refinance with West Bromwich Building Society. Transfer of Equity conveyancing is also neededI have used the different rating based tools and the results are from all over the country. Is it important to have a conveyancer local to us?
  • I already have a mortgage with West Bromwich Building Society and am keeping my current mortgaging but seeking to have have the equity transferred to my sole name so my ex will no longer be on the deeds. How long can it take for the forms to be processed?
  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
  • My West Bromwich Building Society mortgage is in joint names 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 call my boss to verify my salary?
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my West Bromwich Building Society mortgage account?

Examples of questions in a conveyancer questionnaire relating to West Bromwich Building Society Transfer of Equity

If you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

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

Please inform us if you are providing any payment for the Transfer of Equity and to whom and specify the amount?

Has consent been obtained from West Bromwich Building Society to the proposed transfer of equity?

Please provide the name(s) and addresse(s) of those who jointly own the premises with you?

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?

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 require that you obtain the consent of 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.

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 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 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.

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.


Frequently asked questions relating to West Bromwich Building Society transfer of equity