Sample questions relating to West Bromwich Building Society transfer of equity
- I am in the process of removing a name from a joint mortgage and the West Bromwich Building Society require me to use a conveyancing solicitor to carry out the paperwork. Can you recommend a reasonably priced Crabtree
conveyancer to deal with the transfer of equity? They need to be on the West Bromwich Building Society conveyancing panel.
- Is there such a thing a transfer of equity stamp duty calculator?
- I got divorced in 2010. I simply never got around to change the ownership from both our names 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 my ex need any legal representation?
- I am in the process of remortgaging my home in Dunnington
does my lawyer have to be on the West Bromwich Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
- As things stand I have a joint West Bromwich Building Society mortgage with my step-brother and am investigating the feasibility of him taking on the outstanding mortgage and extracting myself from it, to enable me to buy a property with my fiance. The outstanding mortgage is in the region 300k, and the property value is about 450k. Is this a transfer of equity? Is stamp duty payable?
- Have recently split up with my ex of thirty years. I'm now back with my parents again and she wishes to stay in the property and buy me out. What percentage am I entitled to. 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 to be confident that I'm getting what I am entitled to
- My West Bromwich Building Society mortgage is in joint names with ex, he has agreed to come off the deeds and let me have the property. West Bromwich Building Society have consented to the transfer of equity to my individual name. Will West Bromwich Building Society get in touch with my boss to confirm my salary?
Examples of questions in a conveyancing solicitor form concerning a West Bromwich Building Society Transfer of Equity
Where you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Is it the case that one of the registered proprietors died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.
Who will be responsible for the costs of the Transfer of Equity?
Please confirm if you are making any payment for the Transfer of Equity and to whom and specify the amount?
Where you 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?
Please provide the details of anyone to be added to the property title?
Information to consider in conjunction with 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 properties
Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in violation of your covenants under 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 lawyer 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 finalisation 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 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 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 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.