Penrith Building Society transfer of equity example support desk enquires

• I already have a home loan with Penrith Building Society and am retaining my existing mortgaging but applying to have have the equity transferred to my sole name so my ex will come off the mortgage. How long does the whole transfer of equity process take?
• My former husband are seeking to get a lawyer in place for a remortgage with Penrith Building Society. Transfer of Equity conveyancing is also requiredI have used the different rating based websites and the results are from all over England and Wales. Is it important to have a lawyer local to us?
• I purchased a flat with my brother six years ago Since then, we have both got married. We are now seeking to do a transfer of equity so my name is removed the Penrith Building Society mortgage. There is a 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
• What is the process for adding or subtracting names (transfer of equity) to or from my Penrith Building Society mortgage account?
• I am looking for a conveyancer to undertake my transfer of equity. Penrith Building Society are dealing with the remortgage. I considered asking my financial adviser. I am lead to believe he may get a kickback for recommending a firm, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Is my logic correct?
• I am completing a Penrith Building Society transfer of equity request and have come to the section regarding debts etc. There are some debts that I have been reducing over a long period, I understand that they no longer remain my credit score. Must I set these out?
• My decree absolute has gone through as is the consent order. Now I must sort out the transfer of equity at the land registry and the Penrith Building Society mortgage. I have called Penrith Building Society for the transfer of equity forms. What are my next steps?

Examples of information requested in a lawyer questionnaire concerning a Penrith Building Society Transfer of Equity

General Advice to read in supplemental the above Penrith 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 Penrith Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in violation of your covenants under 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 cases, 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 Penrith 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 Penrith 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 market value of the property at finalisation of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Penrith 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 Penrith 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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information provided 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.