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

Examples of recent questions relating to West Bromwich Building Society transfer of equity

  • I am planning on removing a name from a joint mortgage and the West Bromwich Building Society require me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Romsey lawyer to deal with the transfer of equity? They need to be on the West Bromwich Building Society conveyancing panel.
  • Law month I separated from my partner of 18 years. I'm now living with my mum and dad and she wants to stay in the property and pay me off. What percentage am I entitled to. Is it 50% of the equity after redeeming the West Bromwich Building Society home loan? I assume proper valuations are necessary but I really need to be confident that I'm getting I am not being taken advantage of
  • Me and a friend got a joint mortgage with West Bromwich Building Society on a house a couple of years ago. I am now thinking of buying a apartment by myself and my friend would like to buy me out. On the basis that we can settle on an amount where do we go? Is there likely to be any problem with West Bromwich Building Society with him being solely liable for the total mortgage rather than only part of it?
  • Will I incur any fees for a Transfer of Equity where the current mortgage is with West Bromwich Building Society?
  • My dad passed away half a year ago leaving a unencumbered semi to me and my brother 50:50. He has always lived in the premises, there was a clause in her will saying the propertycould not be sold for three years after her passing so he could continue to live there for a while. He now says he would like to remain in the property beyond the prescribed period. We have considered a transfer of equity. Am I right in saying we'd get a valuation then he'd get a home loan in the traditional way to purchase my share?
  • I am in the market for a dependable conveyancing lawyer to assist in a transfer of equity and refinance with West Bromwich Building Society. I I am fearful of appointing the wrong one and there are so many conveyancing solicitors who do transfer of equity conveyancing to choose from...who do I opt for?
  • What if my application doesn't meet West Bromwich Building Society lending criteria for a transfer of equity?

Examples of information requested in a conveyancing solicitor form relating to West Bromwich Building Society Transfer of Equity

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Is the transfer of equity subject to a court order? If yes please supply a copy

Please give the name(s) and addresse(s) of anyone to be removed from the property title?

Please provide the details of anyone who jointly owns the premises with you?

Who will be responsible for the costs of the Transfer of Equity?

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

Important warnings to consider in supplemental the above West Bromwich Building Society transfer of equity Advice :

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

Should the tenure of your property be leasehold, provisions in 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 breach 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 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 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 conveyancer 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within 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