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West Bromwich Building Society

Common 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 conveyancer to carry out the paperwork. Can you recommend a reasonably priced Wakefield conveyancer to deal with the transfer of equity? They need to be on the West Bromwich Building Society conveyancing panel.
  • My existing mortgage is with West Bromwich Building Society. Can I transfer equity to someone under 18 years old?
  • I currently have a joint West Bromwich Building Society mortgage with my brother and am looking into the possibility of him assuming responsibility for the outstanding mortgage and removing myself from it, so as to enable me to buy a property with my soon-to-be-wife. The remaining mortgage is about 200k, and the property value is approx 450k. Is this a transfer of equity? Is land tax due?
  • I got divorced in 2011. For some reason I never got around to change the ownership from the current 'joint' status to just in my name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. West Bromwich Building Society is willing to transfer the property and loan in my name (financial checks done). Does she need a lawyer?
  • I already have a mortgage with West Bromwich Building Society and am keeping my current mortgaging but seeking to have have the equity transferred to my name only so my former partner won't be on it any longer. How long does the whole transfer of equity process take?
  • Me and my former husband and I are searching for a quality conveyancing lawyer to help me sell in a transfer of equity and refinance with West Bromwich Building Society. I really don't want to get ripped off but with so many conveyancing solicitors who do transfer of equity conveyancing to choose from...who's the best?
  • My West Bromwich Building Society mortgage is in joint names with ex, he is agreeable to be removed and put the house in my name alone. West Bromwich Building Society have consented to the transfer of equity to my individual name. Will West Bromwich Building Society call my employer to verify my salary?

Questions that your conveyancer could ask about your West Bromwich Building Society Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Please clarify if you are making any payment for the Transfer of Equity and to whom and disclose any such sums?

If 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 list all persons who occupy the property, their respective ages and relationships to you.

Has consent been obtained from West Bromwich Building Society to the proposed transfer of equity?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Important warnings to consider in in addition to the above West Bromwich Building Society transfer of equity Info :

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

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed you may be in breach of the lease. This could potentially result in 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 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 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.

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.


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