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Dudley Building Society

Recently asked questions relating to Dudley Building Society transfer of equity

  • I am trying to find a conveyancing solicitor to deal with my transfer of equity. Dudley Building Society have been approached for a remortgage. I thought of asking my financial adviser. I understand he may receive a kickback for suggesting someone, but also of benefit will be that he knows the lawyer, has dealt with them before. Is my logic flawed?
  • How and when do I pay the Stamp Duty Land Tax payable for the transfer of equity in my property in my sole name which is taking place simultaneously with a refinancing via Dudley Building Society?
  • I co-own a apartment in Littleborough , with a Dudley Building Society loan with my ex partner. He and his fiance are going to acquire my share. We had consent from Dudley Building Society to substitute my name with hers. The transfer of equity needs to be completed by a lawyer for Dudley Building Society (supposedly). Can we deal with the Land Registry change?
  • My Dudley Building Society home loan we jointly entered into with ex, who is agreeable to be removed and put the house in my name alone. Dudley Building Society have consented to the transfer of equity to me solely. Do Dudley Building Society contact my boss to check my salary?
  • What is the process for adding or removing names (transfer of equity) to or from my Dudley Building Society mortgage account?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Dudley Building Society?
  • Is it possible to apply to request more money from Dudley Building Society as part of a Transfer of Equity?

Information that may be required from your conveyancer may ask in relation to your Dudley Building Society 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?

Would you like us to prepare Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

Please confirm where you are providing any payment for the Transfer of Equity and to whom and disclose the amount?

Please provide the details of those who jointly own the premises 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?

Please provide a copy of your National Insurance Number?

General Advice to read in conjunction with the above Dudley Building Society transfer of equity Advice :

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 titles

Should the tenure of your property be leasehold, 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 breach 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 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 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 market value of the property at the conclusion of the transfer of equity transaction.
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 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 lawyer 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