Examples of recent questions relating to Loughborough Building Society transfer of equity
- I am answering a Loughborough Building Society transfer of equity form and have arrived at the part concerning debts etc. I do some debts that I have been discharging over a long period, in fact they have long since disappeared from my credit rating. Am I obliged to disclose these?
- Will I have to pay any fees for a Transfer of Equity where the current home loan is with Loughborough Building Society?
- My ex-fiance and I are are looking to find a dependable conveyancing lawyer to help me sell in a transfer of equity and refinance with Loughborough Building Society. I I am concerned about appointing the wrong one and there's plenty conveyancing firms who do transfer of equity conveyancing to choose from...who do I opt for?
- I co-own a property in Friern Barnet
, with a Loughborough Building Society mortgage with my former partner. Him and his fiance are going to buy me out. We had consent from Loughborough Building Society to substitute my name with hers. The transfer of equity has to be completed by a conveyancing solicitor for Loughborough Building Society (supposedly). In order to save fees can I deal with the Land Registry change?
- I am trying to find a conveyancer to handle my transfer of equity. Loughborough Building Society have been approached for a refinancing. I thought of asking my financial adviser. I am lead to believe he will likely 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?
- Online reading suggests that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I need to be transferring equity and at the same time remortgaging with Loughborough Building Society
- How much the typical solicitors charges are for a transfer of equity? I need to transfer equity and refinance - new loan with Loughborough Building Society - and have been quoted Three Hundred pounds including VAT by Loughborough Building Society's approved lawyer, Is this is a good price or not?
Questions that your lawyer is likely to ask in relation to your Loughborough Building Society Transfer of Equity
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?
Please provide the details of anyone to be removed from the title deeds?
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Is there to be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what figure
Have you approached Loughborough Building Society to seek consent to the Transfer of Equity
Information to consider in further to the above Loughborough Building Society transfer of equity Questions and Answers :
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 Loughborough Building Society 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 have a license to do so from 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 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 Loughborough Building Society 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 Loughborough Building Society 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 the conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Loughborough Building Society.
Preparing the Transfer of Equity with a Loughborough Building Society 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 Loughborough Building Society 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.
Content on this webpage is for general information and only applies to England and Wales. It does not constitute 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.
