Common questions relating to Barnsley Building Society transfer of equity

• My divorce is through as is the consent order. Now I must sort out the transfer of equity on title deeds and the Barnsley Building Society home loan. I have asked Barnsley Building Society for the transfer of equity forms. What are my next steps?
• Last year bought a flat without my partner's name on the title documents. My conveyancer claimed it is because she is not in the loan offer with Barnsley Building Society. Is it possible for me to add her name on the documents at HM Land Registry?
• I own a flat in Ampthill , with a Barnsley Building Society mortgage with my ex husband. Him and his fiance are going to buy me out. We had the go ahead from Barnsley Building Society to replace my name with hers. The transfer of equity has to be completed by a lawyer for Barnsley Building Society (supposedly). In order to save fees can I deal with the Land Registry formalities?
• What is the process for adding or subtracting names (transfer of equity) to or from my Barnsley Building Society mortgage account?
• Law week I separated from my ex of twenty years. I'm now living with my mum and dad and she wishes to stay in the flat and buy me out. What portion am I entitled to. Is it 50% of the equity after paying off the mortgage with Barnsley Building Society? I assume proper valuations are necessary but I would like ensure that I'm getting the best deal
• I got divorced in 2010. I simply never dealt with the transfer ownership from both our names to just in my name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Barnsley Building Society is willing to transfer the property and loan in my name (financial checks done). Does my ex need a conveyancer?
• What legal advice do I need when doing a transfer of equity where the home loan is to remain with Barnsley Building Society?

Information that may be required from your conveyancer may ask in relation to your Barnsley Building Society Transfer of Equity

Caveats to be read in supporting the above Barnsley Building Society transfer of equity Advice :

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 Barnsley Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, provisions in 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 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 pursuant to 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 conveyancer 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 the time of completion 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 lawyer 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 conveyancer 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 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.