Examples of recent questions relating to Bradford & Bingley transfer of equity

• I am in the process of mortgaging my flat in Winchelsea does my lawyer need to be on the Bradford & Bingley Conveyancing panel. The conveyancing also involves a transfer of equity.
• Is it sensible to stop the direct debit for my mortgage with Bradford & Bingley as soon as a date for my remortgage and transfer of equity has been agreed?
• Is it possible to apply to borrow a further advance from Bradford & Bingley as part of a Transfer of Equity?
• What is the process for having a person removed from the title documents to a property if the mortgage is with Bradford & Bingley
• My father passed away last January leaving a unencumbered property to me and my half brother in equal shared. Having continues to reside at the property, there was a clause in the will specifying that the housecould not be sold for three years following her passing so he could continue to live there for a prescribed period. He now wishes to remain in the premises beyond the specified period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a home loan in the conventional way to buy my equity?
• What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Bradford & Bingley mortgage account?
• Three years ago I bought a house without my partner's name on the title. My lawyer said it is due to the fact that she is not in the mortgage with Bradford & Bingley. I'm wondering is there any way that I can put her name on the documents at HMLR?

Examples of information requested in a conveyancer questionnaire concerning a Bradford & Bingley Transfer of Equity

Important warnings to consider in supplemental the above Bradford & Bingley 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 Bradford & Bingley conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such restrictions are not strictly observed 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 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 varies based on the valuation of the property at finalisation of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Bradford & Bingley 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 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 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 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.