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

• Can you tell me how to have a person removed from the title documents to a property if the home loan is with Bradford & Bingley
• Bradford & Bingley yesterday agreed I can take over the mortgage on the house. I had applied for a transfer of equity but is this a transfer of ownership of the title deeds on top?
• As things stand I have a joint Bradford & Bingley mortgage with my brother and am investigating the feasibility of him assuming responsibility for the whole mortgage and removing myself from it, to enable me to buy somewhere with my soon-to-be-wife. The outstanding mortgage is about 250k, and the property value is in the region 600k. Is this a transfer of equity? Is stamp duty involved?
• I am am in need of a conveyancing solicitor to deal with my transfer of equity. Bradford & Bingley are dealing with the remortgage. I considered asking my financial adviser. I understand he will likely receive 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?
• I got divorced four years ago. For some reason I never dealt with the transfer ownership from the current 'joint' status to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Bradford & Bingley is content to transfer the full equity in my name (financial checks done). Does my ex need a solicitor?
• I recently purchased a property without my fiance’s name on the title documents. My lawyer said it is due to the fact that she was not in the mortgage with Bradford & Bingley. I'm wondering is there any way that I can put her name on the documents at HM Land Registry?
• How do I go about adding or subtracting names (transfer of equity) to or from my Bradford & Bingley mortgage account?

Sample of questions in a conveyancer form relating to Bradford & Bingley Transfer of Equity

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.

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.