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

• Can I transfer the equity held in my property with my West Bromwich Building Society home loan?
• Law week I split up with my ex of twenty years. I'm now back with my mum and dad and she wishes to remain in the apartment and pay me off. What portion do I get. Is it 50% of the equity after paying off the mortgage with West Bromwich Building Society? I assume proper valuations are required but I really need to be sure that I'm getting what I am entitled to
• Can I apply to request more money from West Bromwich Building Society as part of a Transfer of Equity?
• My former husband are looking to get a conveyancer lined up for a refinance with West Bromwich Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based services and the results are from all over England and Wales. Do we need to have a conveyancer local to us?
• Last year bought a apartment without my fiance’s name on the title. My lawyer said it is due to the fact that she was not in the loan offer with West Bromwich Building Society. I'm wondering is there any way that I can put her name on the deeds?
• What do I do if I am unhappy with the conveyancing solicitor who handled our transfer of equity conveyancing?
• Can you tell me how to have someone removed from the title documents to a house where the home loan is with West Bromwich Building Society

Sample of questions in a lawyer questionnaire relating to West Bromwich Building Society Transfer of Equity

General Advice to read in supporting 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 titles

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 your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

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 transaction.

Preparing the Transfer of Equity with a West Bromwich Building Society Mortgage

When it comes to preparing the the Land Registry documents your conveyancing solicitor 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.

Content on 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.