Sample questions relating to Bradford & Bingley transfer of equity

• Taking into account that we have been four years separated I have decided to transfer my interest in our house to my husband who is re-mortgaging with Bradford & Bingley. Could this transfer of equity be done inside 28 days?
• My partner and I co-own a flat in Miles Platting . Home loan is with Bradford & Bingley. I want to transfer full ownership to him with no passing of money but without using a conveyancer. Do you think this should be simple?
• I got my Decree Absolute three years ago. Foolishly I never got around to transfer ownership from both our names to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Bradford & Bingley is willing to transfer the full equity in my name (financial checks done). Does she need any legal representation?
• How do I go about adding or subtracting names (transfer of equity) to or from my Bradford & Bingley mortgage account?
• Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Bradford & Bingley?
• I already have a home loan with Bradford & Bingley and am maintaining my current mortgaging but applying to have have the equity transferred to my sole name so my ex will come off the deeds. How long do Bradford & Bingley take to process the application?
• My decree absolute is through as is the consent order. Now I need to deal with the transfer of equity for the property and the Bradford & Bingley home loan. I have called Bradford & Bingley for the transfer of equity application. What do I do now?

Sample of information requested in a conveyancing solicitor questionnaire concerning a Bradford & Bingley Transfer of Equity

Caveats to be read in supplemental the above Bradford & Bingley transfer of equity Advice :

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 properties

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger 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 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 lawyer 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 is dependent on the valuation of the property at finalisation of the transfer of equity transaction.

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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within 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.