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Questions and answers: Barnsley Building Society transfer of equity

  • I bought a house with my cousin in 2009 Since purchasing the property, we have both got married. We are now intending to do a transfer of equity so my name comes off the Barnsley Building Society mortgage. There is a 30k difference between the value the Barnsley Building Society hold and what the property would sell for currently. Can you offer any advice?
  • Can you tell me how to have a person removed from the deeds to a property where the mortgage is with Barnsley Building Society
  • What if my application doesn't meet Barnsley Building Society lending criteria for a transfer of equity?
  • I am filling out a Barnsley Building Society transfer of equity form and have come to the part regarding debts etc. There are some debts that I have been discharging for a number of years, I understand that they have long since disappeared from my credit score. Do I need to set these out?
  • I am remortgaging my house in Friern Barnet does my lawyer have to be on the Barnsley Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
  • I am planning on removing a name from a joint mortgage and the Barnsley Building Society need me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Winchelsea lawyer to deal with the transfer of equity? They need to be on the Barnsley Building Society conveyancing panel.
  • My wife and I have equal shares in a buy to let. I am a top rate tax payer. Preferably I would like to do a transfer of equity to her sole name to mitigate tax on the letting income. Assuming Barnsley Building Society are happy with this the legal fees are not prohibitive. However what happens when we dispose of the property? Would my GGT relief be lost.

Questions that your lawyer may ask in relation to your Barnsley Building Society Transfer of Equity

If you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Please let us know where you are providing any payment for the Transfer of Equity and to whom and give details of any such sums?

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

Have you approached Barnsley Building Society to obtain consent to the Transfer of Equity

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Where you 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?

Information to consider in further to 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

If your property is 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 terms are not adhered to you may be in violation 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 conveyancing solicitor 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 market value 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 Barnsley Building Society.

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 lawyer 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 Barnsley Building Society transfer of equity