Common questions relating to Dudley Building Society transfer of equity

• I got divorced in 2010. I simply never got around to change the ownership from both our names to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Dudley Building Society is happy to transfer the full equity in my name (financial checks done). Does my ex need any legal representation?
• I am in the process of removing a name from a joint mortgage and the Dudley Building Society need me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Timperley lawyer to deal with the transfer of equity? They need to be on the Dudley Building Society conveyancing panel.
• How do I go about adding or removing names (transfer of equity) to or from my Dudley Building Society mortgage account?
• My ex-wife and I are searching for a responsive conveyancing solicitor to help me sell in a transfer of equity and remortgage with Dudley Building Society. I I am concerned about being overcharged but with many conveyancing practices who do transfer of equity conveyancing out there...how do I know which one is best select?
• Is there such a thing a transfer of equity stamp duty calculator?
• How and when do I pay the Stamp Duty Land Tax due for the transfer of equity in my property in my sole name which is taking place simultaneously with a refinancing with Dudley Building Society?
• I recently bought a apartment without my wife's name on the deeds. My lawyer advised it is due to the fact that she was not in the loan offer with Dudley Building Society. Is it possible for me to put her name on the deeds?

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

General Advice to read in in addition to 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 properties

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of your covenants under 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 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 finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a Dudley 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 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 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.