Recently asked questions relating to West Bromwich Building Society transfer of equity
- I am trying to find a conveyancer to undertake my transfer of equity. West Bromwich Building Society are dealing with the remortgage. I considered asking my mortgage broker. I understand he may get a kickback for suggesting someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?
- I am refinancing my flat in Crabtree
does my lawyer have to be on the West Bromwich Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
- I got divorced in 2011. Foolishly I never dealt with the change the ownership from the current 'joint' status to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. West Bromwich Building Society is happy to transfer the full equity in my name (financial checks done). Does my ex need any legal representation?
- My divorce is through as is the consent order. Now I must sort out the transfer of equity on title deeds and the West Bromwich Building Society home loan. I have called West Bromwich Building Society for the transfer of equity forms. What happens next?
- At what stage do I pay stamp duty due for the transfer of equity in my house in my sole name which is happening at the same time as a switching mortgage via West Bromwich Building Society?
- Last year bought a property without my wife's name on the title. My lawyer advised it is due to the fact that she is not in the mortgage with West Bromwich Building Society. Is it possible for me to add her name on the documents at HM Land Registry?
- Is there such a thing a transfer of equity stamp duty calculator?
Information that may be required from your conveyancing solicitor is likely to ask about your West Bromwich Building Society Transfer of Equity
Is the transfer of equity subject to a court order? If yes please supply a copy
Please list all persons who occupy the property, their respective ages and relationships to you.
We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)
If 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” Questionnaire.
Please give the name(s) and addresse(s) of anyone to be extracted from the property title?
Who will be responsible for the costs of the Transfer of Equity?
General Advice to read in conjunction with the above West Bromwich Building Society transfer of equity information :
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 have a license to do so from the landlord. 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.
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 varies based on the valuation of the property at finalisation 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 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.