Recently asked questions relating to West Bromwich Building Society transfer of equity
- I plan to remortgage my flat in Miles Platting
switching from Lloyds TSB to West Bromwich Building Society. The maisonette is currently in joint names but propose for it to be in my name only as and when I remortgage. My wife has agreed to this and is willing to transfer equity but neither of us want to incur conveyancer charges.
- Law week I split up with my wife of 18 years. I'm now back with my mum and dad and she wishes to stay in the apartment and buy me out. What portion do I get. Is it half of the equity after paying off the mortgage with West Bromwich Building Society? I assume proper valuations are necessary but I really need ensure that I'm getting what I am entitled to
- I recently purchased a flat without my wife's name on the title. My conveyancing solicitor said it is because she is not in the mortgage with West Bromwich Building Society. I'm wondering is there any way that I can add her name on the deeds?
- My fiance and I jointly own a investment property. I am a higher rate tax payer. Ideally I would like to do a transfer of equity to her sole name to mitigate tax on the letting income. Assuming West Bromwich Building Society are happy with this the legal fees are not high. However what happens when we dispose of the property? As I would no longer be on the title documents would I lose my CGT relief.
- I got my Decree Absolute four years ago. I simply never dealt with the change the 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 content to transfer the property and loan in my name (financial checks done). Does she need a lawyer?
- Is it possible to apply to borrow a further advance 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 house in 2013. I am now looking to get a apartment by myself and my friend would like to buy me out. Once we have agreed a figure what are the next steps? Is there likely to be any problem with West Bromwich Building Society with him being responsible for the total loan as opposed to only half of it?
Information that may be required from your conveyancer may ask about your West Bromwich Building Society Transfer of Equity
Please provide the details of anyone to be extracted from the property title?
Please give the details of anyone to be added to the title deeds?
Can you give the name(s) and addresse(s) of those who jointly own the property with you?
If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
If you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Have you approached West Bromwich Building Society to obtain consent to the Transfer of Equity
Important warnings to consider in in addition 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 titles
If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions 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 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 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 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 conveyancing solicitor 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.