Beverley Building Society transfer of equity example support desk enquires

• Will I have to pay any fees for a Transfer of Equity where the existing mortgage is with Beverley Building Society?
• Can I transfer the equity held in my property with my Beverley Building Society home loan?
• I already have a home loan with Beverley Building Society and am keeping my existing mortgaging but applying to have have the equity transferred to my name only so my ex will no longer be on the title. How long does the whole transfer of equity process take?
• Having been three years separated I have decided to relinquish up my interest in our house to my husband who is re-mortgaging with Beverley Building Society. Could this transfer of equity be done in 28 days?
• Is it sensible to stop my mortgage payments with Beverley Building Society as soon as a date for my remortgage and transfer of equity has been agreed?
• Me and a friend got a joint mortgage with Beverley Building Society on a property in 2013. I am now looking to get a flat on my own and my friend would like to buy me out. Once we have agreed an amount what are the next steps? Would there be any potential issue with Beverley Building Society with him being solely liable for the total mortgage rather than only half of it?
• How much the typical solicitors charges are for a transfer of equity? I need to transfer equity and remortgage - new loan with Beverley Building Society - and have been quoted Three Hundred pounds excluding VAT by Beverley Building Society's appointed conveyancing solicitor, Have I been over quoted?

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

General Advice to read in supplemental the above Beverley 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 Beverley Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

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 freeholder. If such conditions are not complied with 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 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 lawyer will check with Beverley 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 Beverley 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 varies based on the market value of the property at the time of completion of the transfer of equity transaction.

Preparing the Transfer of Equity with a Beverley 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 Beverley 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.

Information provided 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.