Would you like us to draw up a Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?
Please provide a copy of your National Insurance Number?
If you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please give the name(s) and addresse(s) of anyone to be removed from the property title?
Is there to be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?
Caveats to be read in supplemental the above Dudley Building Society transfer of equity Questions and Answers :
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.
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 the lease. This could trigger the freeholder taking enforcement action against you.
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.
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Frequently asked questions relating to Dudley Building Society transfer of equity