Examples of recent questions relating to Bradford & Bingley transfer of equity
- My existing mortgage is with Bradford & Bingley. Can I transfer equity to someone under 18 years old?
- Given that we have been three years estranged I have opted to relinquish up my share of the former home to my husband who is refinancing with Bradford & Bingley. Could this transfer of equity be completed in less than one month?
- I acquired a flat with my brother five.seven years ago Since then, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Bradford & Bingley mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
- Can I apply to borrow more money from Bradford & Bingley as part of a Transfer of Equity?
- Have recently split up with my wife of twenty years. I'm now living with my parents again and she wishes to remain in the apartment and pay me off. What portion do I get. Is it 50% of the equity after discharging the mortgage with Bradford & Bingley? I assume proper valuations are necessary but I really need to be confident that I'm getting what I am entitled to
- My wife and I have 50:50 shares in a BTL. I am a top rate tax payer. Ideally I would like to do a transfer of equity into her name with a view to mitigate tax on the letting income. Assuming Bradford & Bingley are happy with this the legal fees are not prohibitive. What are the implications when we sell? Would my GGT relief be lost.
- I am am in need of a lawyer to handle my transfer of equity. Bradford & Bingley have been approached for a remortgage. I considered asking my financial adviser. I am lead to believe he may get a kickback for recommending someone, but also of benefit will be that he knows the lawyer, has dealt with them before. Any flaws you see in this way of thinking?
Sample of questions in a conveyancer form relating to Bradford & Bingley Transfer of Equity
We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)
Please give the name(s) and addresse(s) of anyone to be extracted from the property title?
Where you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Please provide the details of those who jointly own the property with you?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
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?
General Advice to read in in addition to the above Bradford & Bingley transfer of equity information :
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 Bradford & Bingley conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold premises
Should the tenure of your property be leasehold, the lease may require that you obtain the consent of 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 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 conveyancing solicitor will check with Bradford & Bingley 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 Bradford & Bingley 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 conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bradford & Bingley.
Preparing the Transfer of Equity with a Bradford & Bingley Mortgage
When it comes to preparing the the Land Registry documents your conveyancer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.
If Bradford & Bingley 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.
