Top seven questions relating to Leek BS transfer of equity

• Our financial adviser has recommended their conveyancing solicitor for my Transfer of Equity plus remortgage with Leek BS - won’t it be advisable to just use them?
• I already have a mortgage with Leek BS and am maintaining my existing mortgaging but seeking to have it in my name alone so my former wife will come off the title. How long do Leek BS take to deal with the application?
• Can I transfer the equity held in my property with my Leek BS mortgage?
• I recently purchased a apartment without my fiance’s name on the deeds. My lawyer claimed it is because she is not in the mortgage with Leek BS. Is it possible for me to put her name on the deeds?
• How much the typical conveyancing fees are for a transfer of equity? I need to transfer equity and remortgage - moving over to Leek BS - and have been quoted Four Hundred pounds excluding VAT by Leek BS's appointed lawyer, Is this a reasonable price?
• My former wife are seeking to get a conveyancing solicitor lined up for a new mortgage with Leek BS. Transfer of Equity conveyancing is also requiredI have used the different rating based tools and the results are from all over England and Wales. Is it important to appoint a conveyancing solicitor local to us?
• What do I do if I am unhappy with the lawyer who carried out our transfer of equity conveyancing?

Questions that your conveyancer could ask regarding your Leek BS Transfer of Equity

Important warnings to consider in supplemental the above Leek BS 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 Leek BS 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 have a requirement for notices to be served and that you have a license to do so from the freeholder. If such terms are not adhered to you may be in breach 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 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 lawyer will check with Leek BS 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 Leek BS 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 transaction.

Preparing the Transfer of Equity with a Leek BS 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 Leek BS 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 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.