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Are you in need of a Transfer of Equity with a Dudley Building Society mortgage? Failing to check that a lawyer is on the Dudley Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Dudley Building Society transfer of equity: q and a’s

  • Our financial adviser has suggested using their conveyancing solicitor for our Transfer of Equity plus remortgage with Dudley Building Society - Is it not simpler better to just instruct them?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Dudley Building Society?
  • Given that we have been three years apart I have opted to give up my share of the flat to my husband who is refinancing with Dudley Building Society. Can a transfer of equity be done in 28 days?
  • I am in the process of removing a name from a joint mortgage and the Dudley Building Society require me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Winchelsea conveyancer to deal with the transfer of equity? They need to be on the Dudley Building Society conveyancing panel.
  • Can I transfer the equity held in my property with my Dudley Building Society mortgage?
  • How and when do I incur stamp duty due for the transfer of equity in my property in my sole name which is taking place simultaneously with a remortgage via Dudley Building Society?
  • Is it possible to apply to request a further advance from Dudley Building Society as part of a Transfer of Equity?

Sample of questions in a lawyer questionnaire concerning a Dudley Building Society Transfer of Equity

Who will be responsible for the costs of the 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 the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

If you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Has one of the registered owners passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Is the transfer of equity subject to a court order? If yes please supply a copy

Caveats to be read in supplemental the above Dudley Building Society transfer of equity Questions and Answers :

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 Dudley 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 landlord. If such conditions are not complied with 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 Dudley 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 Dudley 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 valuation of the property at finalisation of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Dudley Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Dudley 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 Dudley 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.

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.


Frequently asked questions relating to Dudley Building Society transfer of equity