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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.

Frequently asked questions relating to Dudley Building Society transfer of equity

  • Is it possible to apply to borrow a further advance from Dudley Building Society as part of a Transfer of Equity?
  • My existing mortgage is with Dudley Building Society. Can I transfer equity to someone who is not yet eighteen years old?
  • My decree absolute is through as is the consent order. Now I have to address the transfer of equity for the property and the Dudley Building Society mortgage. I have called Dudley Building Society for the transfer of equity application. What are my next steps?
  • My mum passed away last March leaving a mortgage-free property to me and my half brother in equal shared. Having continues to reside at the property, there was a provision in the will specifying that the propertycould not be sold for 2 years after her passing so he could remain there for a prescribed period. He now wishes to remain in the house beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the usual way to buy my equity?
  • I am in the process of refinancing my home in Sedgefield does my lawyer need to be on the Dudley Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
  • What if my application doesn't meet Dudley Building Society lending criteria for a transfer of equity?
  • My former wife are looking to get a lawyer in place for a refinance with Dudley Building Society. Transfer of Equity conveyancing is also neededI have used the different comparison based services and the results are from all over the country. Do we need to have a conveyancer local to us?

Information that may be required from your conveyancer could ask in relation to your Dudley Building Society Transfer of Equity

Is it the case that one of the registered owners died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

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

Please let us know of you wish us to draw up a Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

Please give the name(s) and addresse(s) of anyone to be extracted from the title deeds?

Please let us know where you are making any payment for the Transfer of Equity and to whom and specify any such sums?

Caveats to be read in supporting the above Dudley 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 Dudley Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such restrictions are not strictly observed you may be in breach 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 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 is dependent on the valuation of the property at finalisation of the transfer of equity conveyancing.
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 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 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 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