Common questions relating to West Bromwich Building Society transfer of equity

• Having been 4 years separated I have made the decision to relinquish up my interest in our flat to my husband who is re-mortgaging with West Bromwich Building Society. Can a transfer of equity be done within four weeks?
• Is it possible to apply to request a further advance from West Bromwich Building Society as part of a Transfer of Equity?
• I already have a home loan with West Bromwich Building Society and am maintaining my existing mortgaging but seeking to have it in my name alone so my ex will come off the mortgage. How long do West Bromwich Building Society take to process the application?
• Me and my partner co-own a house in Blaenavon . Home loan is with West Bromwich Building Society. I want to transfer full ownership to him with no passing of money but without using a conveyancer. Is this likely to be straightforward?
• Have recently separated from my ex of 18 years. I'm now back with my parents again and she wishes to stay in the apartment and buy me out. What percentage do I get. Is it 50% of the equity after discharging the West Bromwich Building Society home loan? I assume proper valuations are necessary but I would like ensure that I'm getting I am not being walked over
• I intend to remortgage my maisonette in Dunnington moving from Virgin Money to West Bromwich Building Society. The home is jointly owned but intend for it to be in my sole name once I remortgage. My former partner has verbally consented to this and is happy to sign a form but neither of us want to get a second lawyer involved.
• My former husband are planning to get a conveyancing solicitor in place for a refinance with West Bromwich Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based tools and the results are from all over UK. Do we need to have a conveyancer local to us?

Sample of information requested in a conveyancing solicitor form relating to West Bromwich Building Society Transfer of Equity

Caveats to be read in further to the above West Bromwich 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 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, provisions in 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 conditions are not strictly observed 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 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 is dependent on the market value of the property at the time of completion of the transfer of equity transaction.

Preparing the Transfer of Equity with a West Bromwich 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 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 conveyancing solicitor 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 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.