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Dudley Building Society

Dudley Building Society transfer of equity example support desk enquires

  • Given that we have been three years separated I have decided to give up my interest in the property to my husband who is re-mortgaging with Dudley Building Society. Could this transfer of equity be completed within four weeks?
  • My friend and I got a joint mortgage with Dudley Building Society on a property about a year ago. I am now looking to get a flat by myself and my friend would like to buy me out. Once we have agreed an amount what happens next? Would there be any potential concerns with Dudley Building Society with him being solely liable for the total mortgage as opposed to only half of it?
  • I acquired a property with my brother five.seven years ago Since purchasing the property, we have both got married. We are now looking to do a transfer of equity so my name comes off the Dudley Building Society mortgage. There is a 40k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • Me and my former wife and I are searching for an affordable conveyancing solicitor to assist in a transfer of equity and refinance with Dudley Building Society. I I am concerned about by bill escalating out of control but with so many conveyancing firms who do transfer of equity conveyancing to pick from...who's the best?
  • My Dudley Building Society home loan is in joint names with ex, who has agreed to be removed and let me have the property. Dudley Building Society have consented to the transfer of equity to my individual name. Do Dudley Building Society get in touch with my boss to verify my salary?
  • The mortgage broker has recommended their conveyancing solicitor for my Transfer of Equity plus remortgage with Dudley Building Society - won’t it be better to just use them?
  • As things stand I have a joint Dudley Building Society mortgage with my cousin and am looking into the option of him assuming responsibility for the outstanding mortgage and extracting myself from it, so as to enable me to buy a place with my fiance. The remaining mortgage is in the region 300k, and the property value is in the region 500k. Is this a transfer of equity? Is land tax involved?

Sample of information requested in a conveyancer questionnaire relating to Dudley Building Society Transfer of Equity

Has consent been obtained from Dudley Building Society to the proposed transfer of equity?

Where you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Is it the case that one of the registered proprietors passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please provide a copy of your National Insurance Number?

Who will be responsible for the costs of the Transfer of Equity?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Caveats to be read in conjunction with the above Dudley Building Society transfer of equity Info :

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 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 terms are not adhered to you may be in breach 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 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 conveyancer 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 varies based on the market value of the property at the conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Dudley Building Society.

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

Information contained within 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.


Frequently asked questions relating to Dudley Building Society transfer of equity