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West Bromwich Building Society

Questions and answers: West Bromwich Building Society transfer of equity

  • I am transferring my equity in property in Birmingham to the other co-owners fiance, they are reapplying to West Bromwich Building Society. We are haggling as to who should cover the charges for the transfer of equity. Should this be split or is one of us liable for the charges for?
  • What are the average legal costs are for a transfer of equity? I'm in the process of remortgaging - new loan with West Bromwich Building Society - and have been quoted £350 including VAT by West Bromwich Building Society's approved conveyancing solicitor, Is this is a good price or not?
  • When it comes to transfer of equity conveyancing involving a remortgage with West Bromwich Building Society should I be charged VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • I am hoping to refinance my home in Romsey moving from Virgin Money to West Bromwich Building Society. The maisonette is currently in joint names but intend for it to be in my name only as and when I remortgage. My former partner has agreed to this and is happy to transfer equity but neither of us want to get a second lawyer involved.
  • My decree absolute is through as is the consent order. Now I have to sort out the transfer of equity at the land registry and the West Bromwich Building Society home loan. I have contacted West Bromwich Building Society for the transfer of equity forms. What do I do now?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • Me and a friend got a joint mortgage with West Bromwich Building Society on a apartment a couple of years ago. I am now thinking of buying a property by myself and my friend would like to buy me out. On the basis that we can settle on a price where do we go? Would there be any potential problem with West Bromwich Building Society with him being responsible for the total mortgage as opposed to only half of it?

Examples of information requested in a conveyancer questionnaire concerning a West Bromwich Building Society Transfer of Equity

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

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

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

Has one of the registered proprietors passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please give the details of anyone to be removed from the title deeds?

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?

Caveats to be read in supporting the above West Bromwich Building Society transfer of equity Info :

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 freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

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 is dependent on the market value of the property at the time of completion 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 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 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