LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
West Bromwich Building Society

Common questions relating to West Bromwich Building Society transfer of equity

  • My mortgage broker has suggested using their lawyer for my Transfer of Equity plus remortgage with West Bromwich Building Society - won’t it be advisable to just instruct them?
  • Do I need legal advice when doing a transfer of equity where the mortgage is to remain with West Bromwich Building Society?
  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
  • I am looking for a conveyancing solicitor to deal with my transfer of equity. West Bromwich Building Society are dealing with the remortgage. I considered asking my mortgage broker. I am lead to believe he may get a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic flawed?
  • My mum passed away half a year ago leaving a loan-free property to me and my step brother in equal shared. He has always lived in the house, there was a clause in her will specifying that the housecould not be sold for three years after her passing so he could remain there for a while. He now says he would like to remain in the premises beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a mortgage in the conventional way to purchase my half from me?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • At what point do I cover the costs of stamp duty due for the transfer of equity in my house in my sole name which is happening simultaneously with a refinancing via West Bromwich Building Society?

Information that may be required from your conveyancing solicitor is likely to ask in relation to your West Bromwich Building Society Transfer of Equity

Please provide a copy of your National Insurance Number?

Please give the details of anyone who jointly owns the property with you?

Please let us know of you wish us to draw up a Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

Please provide the details of anyone to be added to the property title?

Where you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Is it the case that one of the registered owners died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

General Advice to read in supporting the above West Bromwich Building Society transfer of equity Advice :

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 premises

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation of the lease. This could trigger 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 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 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.

Content 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.


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