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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.

Recently asked questions relating to Dudley Building Society transfer of equity

  • 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.
  • I am trying to find a lawyer to handle my transfer of equity. Dudley Building Society are dealing with the remortgage. I thought of asking my financial adviser. I understand he may get a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Is my logic correct?
  • My current mortgage is with Dudley Building Society. Can I transfer equity to someone under eighteen years old?
  • My Dudley Building Society mortgage we jointly entered into with ex, he has agreed to come off the deeds and put the house in my name alone. Dudley Building Society have consented to the transfer of equity to my individual name. Will Dudley Building Society call my employer to confirm my salary?
  • Dudley Building Society have just agreed I can take over the home loan on the house. I had applied for a transfer of equity but is this a transfer of ownership of the house in addition?
  • I am selling my equity in apartment in Birmingham to my co-owners husband, they are reapplying to Dudley Building Society. We are in heated discussion as to who must pay the legal bill for the transfer of equity. Should this be shared or is one party obliged to cover the fees for?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Dudley Building Society?

Sample of questions in a conveyancing solicitor questionnaire relating to Dudley Building Society Transfer of Equity

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

If you are adding a person 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.

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?

Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what sums

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Please give the details of anyone to be removed from the title deeds?

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

If your property is leasehold, the lease may require that you have a license to do so from the freeholder. If such conditions are not strictly observed you may be in violation 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 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 time of completion 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 provided on 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