Recently asked questions relating to Barnsley Building Society transfer of equity

• My former wife are planning to get a lawyer lined up for a new mortgage with Barnsley Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based services and the results are from all over the country. Do we need to have a conveyancing solicitor local to us?
• Law week I separated from my wife of thirty years. I'm now back with my mum and dad and she wishes to stay in the apartment and pay me off. What portion do I get. Is it half of the equity after paying off the Barnsley Building Society home loan? I assume proper valuations are necessary but I would like ensure that I'm getting what I am entitled to
• I got divorced in 2011. Foolishly I never got around to change the ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Barnsley Building Society is content to transfer the property and loan in my name (financial checks done). Does she need a lawyer?
• Is there such a thing a transfer of equity stamp duty calculator?
• At what stage do I pay the Stamp Duty Land Tax due for the transfer of equity in my house in my name alone which is happening at the same time as a switching mortgage with Barnsley Building Society?
• What are my options where I am dissatisfied with the conveyancing solicitor who did our transfer of equity transaction?
• My existing mortgage is with Barnsley Building Society. Can I transfer equity to someone under eighteen years old?

Information that may be required from your lawyer may ask regarding your Barnsley Building Society Transfer of Equity

Caveats to be read in supporting the above Barnsley Building Society transfer of equity Questions and Answers :

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 Barnsley Building Society 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 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 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 Barnsley 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 Barnsley 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.

Preparing the Transfer of Equity with a Barnsley 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 Barnsley 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.