Top seven questions relating to Swansea Building Society transfer of equity

• I am considering mortgaging my house in Sedgefield does my lawyer need to be on the Swansea Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
• I already have a mortgage with Swansea Building Society and am retaining my current mortgaging but wish to have have the equity transferred to my name only so my former husband will come off the deeds. How long does the whole transfer of equity process take?
• My brother and I got a joint mortgage with Swansea Building Society on a house in 2013. I am now looking to get a house on my own and my friend would like to buy me out. Assuming we can agree an amount what happens next? Would there be any potential issue with Swansea Building Society with him being responsible for the total mortgage rather than only half of it?
• Have recently separated from my partner of twenty years. I'm now living with my parents again and she wishes to stay in the flat and pay me off. What percentage do I get. Is it 50% of the equity after paying off the Swansea Building Society home loan? I assume proper valuations are necessary but I really need ensure that I'm getting what I am entitled to
• I am looking for a conveyancer to undertake my transfer of equity. Swansea Building Society have been approached for a refinancing. I considered asking my mortgage broker. I understand he will likely receive a referral fee for recommending a firm, but also of benefit will be that he knows the lawyer, has dealt with them before. Is my logic correct?
• I am in the process of removing a name from a joint mortgage and the Swansea Building Society require me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Littleborough conveyancing solicitor to deal with the transfer of equity? They need to be on the Swansea Building Society conveyancing panel.
• My mortgage broker has suggested using their conveyancer for the Transfer of Equity plus remortgage with Swansea Building Society - Surely it’s easier to just instruct them?

Questions that your lawyer may ask about your Swansea Building Society Transfer of Equity

General Advice to read in supplemental the above Swansea Building Society 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 Swansea Building Society 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 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 as a result of 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 lawyer will check with Swansea 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 Swansea 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 transaction.

Preparing the Transfer of Equity with a Swansea Building Society Mortgage

When it comes to preparing the the Land Registry documents your lawyer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Swansea 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 conveyancer 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 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.