Common questions relating to West Bromwich Building Society transfer of equity
- Law month I split up with my partner of 18 years. I'm now living with my parents again and she wishes to remain in the property and buy me out. What portion do I get. Is it half of the equity after discharging the mortgage with West Bromwich Building Society? I assume proper valuations are required but I really need ensure that I'm getting what I am entitled to
- I plan to refinance my flat in Littleborough
changing from Barnsley BS to West Bromwich Building Society. The apartment is currently in joint names but intend for it to be in my sole name as and when I switch. My former partner is OK with this and is happy to sign a form but neither of us want to get a second conveyancer involved.
- I co-own a house in Miles Platting
, with a West Bromwich Building Society mortgage with my ex partner. He and his new partner are going to buy me out. We had approval from West Bromwich Building Society to replace my name with hers. The transfer of equity has to be done by a conveyancing solicitor for West Bromwich Building Society (supposedly). In order to save fees can I deal with the Land Registry formalities?
- Will I have to pay any charges for a Transfer of Equity where the existing home loan is with West Bromwich Building Society?
- My ex are planning to get a conveyancer in place for a remortgage with West Bromwich Building Society. Transfer of Equity conveyancing is also requiredI have used the different rating based websites and the results are from all over England and Wales. How necessary is it to instruct a conveyancer local to us?
- Is it possible to transfer the equity held in my property with my West Bromwich Building Society mortgage?
- My friend and I got a joint mortgage with West Bromwich Building Society on a apartment a couple of years ago. I am now looking to get a property on my own and my friend would like to buy me out. Assuming we can agree an amount what are the next steps? Is there likely to be any issue with West Bromwich Building Society with him being solely liable for the total mortgage as opposed to only half of it?
Questions that your conveyancer is likely to ask regarding your West Bromwich Building Society Transfer of Equity
Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?
Who will be responsible for the costs of the Transfer of Equity?
Please give the details of those who jointly own the premises with you?
Would you like us to draft you Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?
Have you approached West Bromwich Building Society to seek 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?
General Advice to read in further to the above West Bromwich Building Society transfer of equity information :
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
Should the tenure of your property be leasehold, 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 as a result of 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 conveyancer 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 time of completion 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 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 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.