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Dudley Building Society

Dudley Building Society transfer of equity example support desk enquires

  • Will I incur any charges for a Transfer of Equity where the current home loan is with Dudley Building Society?
  • I plan to remortgage my flat in Winchelsea switching from Yorkshire Bank Home Loans to Dudley Building Society. The apartment is jointly owned but wish for it to be in my name only as and when I switch. My husband has agreed to this and is willing to transfer equity but neither of us want to incur lawyer charges.
  • In 2011 I bought a property without my fiance’s name on the title documents. My conveyancing solicitor said it is because she is not in the loan offer with Dudley Building Society. Is it possible for me to add her name on the documents at HM Land Registry?
  • My former husband are planning to get a conveyancer 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 England and Wales. Do we need to appoint a lawyer local to us?
  • Dudley Building Society yesterday agreed I can take over the mortgage on the house. I have applied for a transfer of equity but is this a transfer of ownership at HMLR in addition?
  • I own a house in Rye , with a Dudley Building Society loan with my former partner. Him 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 (apparently). Can we deal with the Land Registry change?
  • I got my Decree Absolute four years ago. I simply never got around to change the ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Dudley Building Society is content to transfer the full equity in my name (affordability checks done). Does my ex need a conveyancer?

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

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

Please provide the name(s) and addresse(s) of anyone who jointly owns the premises with you?

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

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

Please provide the details of anyone to be added to the title deeds?

Information to consider in conjunction with the above Dudley Building Society transfer of equity Advice :

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 titles

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation of 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 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 lawyer 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 finalisation 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 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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content 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