Top seven questions relating to West Bromwich Building Society transfer of equity

• My brother and I got a joint mortgage with West Bromwich Building Society on a flat in 2013. I am now looking to get a flat by myself and my friend would like to buy me out. Assuming we can agree a price what are the next steps? Would there be any potential concerns with West Bromwich Building Society with him being on the hook for the total loan rather than only part of it?
• Is there such a thing a transfer of equity stamp duty calculator?
• Me and my former partner and I are searching for a dependable conveyancing lawyer to assist in a transfer of equity and refinance with West Bromwich Building Society. I I am concerned about by bill escalating out of control and there are various conveyancing practices who do transfer of equity conveyancing out there...who's the best?
• I am led to believe we would need at least AP1 and TR1. Is this true?
• What is the process for having a person removed from the deeds to a property if the mortgage is with West Bromwich Building Society
• I already have a mortgage with West Bromwich Building Society and am retaining my existing mortgaging but wish to have have the equity transferred to my name only so my former wife will no longer be on the title. How long does the whole transfer of equity process take?
• West Bromwich Building Society have today agreed I can take over the mortgage on the house. I previously applied for a transfer of equity but is this a transfer of ownership at the Land Registry on top?

Information that may be required from your lawyer could ask regarding your West Bromwich Building Society Transfer of Equity

General Advice to read in conjunction with the above West Bromwich Building Society transfer of equity information :

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 West Bromwich 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 have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to 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 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 West Bromwich 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 West Bromwich 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 the time of completion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a West Bromwich Building Society 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 West Bromwich 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.

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.