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West Bromwich Mortgage Company

West Bromwich Mortgage Company transfer of equity example support desk enquires

  • I jointly own a property in Wakefield , with a West Bromwich Mortgage Company mortgage with my ex husband. Him and his fiance are going to buy me out. We had approval from West Bromwich Mortgage Company to substitute my name with hers. The transfer of equity has to be done by a conveyancer for West Bromwich Mortgage Company (apparently). Can we do the Land Registry formalities?
  • My dad passed away early last year leaving a mortgage-free semi to me and my step brother in equal shared. Having continues to reside at the premises, there was a provision in the will saying the housecould not be sold for 2 years after her passing so he could reside there for a prescribed period. He now wants to remain in the house beyond the specified period. We have considered a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a mortgage in the traditional way to buy my equity?
  • I plan to refinance my flat in Rye changing from Yorkshire Building Society to West Bromwich Mortgage Company. The maisonette is currently in joint names but propose for it to be in my sole name as and when I switch. My husband has agreed to this and is willing to transfer equity but neither of us want to get a second conveyancer involved.
  • How and when do I pay the Stamp Duty Land Tax 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 Mortgage Company?
  • My ex-partner and I are are looking to find a value for money conveyancing solicitor to assist in a transfer of equity and refinance with West Bromwich Mortgage Company. I I am fearful of by bill escalating out of control and there are lots of conveyancing solicitors who do transfer of equity conveyancing out there...who's the best?
  • The mortgage broker has suggested using their lawyer for my Transfer of Equity plus remortgage with West Bromwich Mortgage Company - won’t it be easier to just instruct them?
  • I am led to believe we would need at least AP1 and Transfer Deed. Is this true?

Sample of information requested in a lawyer questionnaire relating to West Bromwich Mortgage Company Transfer of Equity

Can you provide the details of those who jointly own the premises with you?

Have you approached West Bromwich Mortgage Company to seek consent to the Transfer of Equity

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

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

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

Caveats to be read in supporting the above West Bromwich Mortgage Company 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 Mortgage Company conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger 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 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 conveyancer will check with West Bromwich Mortgage Company 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 Mortgage Company 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 conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with West Bromwich Mortgage Company.

Preparing the Transfer of Equity with a West Bromwich Mortgage Company 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 Mortgage Company 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.

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 Mortgage Company transfer of equity