Top seven questions relating to Dudley Building Society transfer of equity

• Me and my former fiance and I are are looking to find an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with Dudley Building Society. I I am fearful of by bill escalating out of control but with various conveyancing practices who do transfer of equity conveyancing to pick from...who's the best?
• In 2013 I bought a property without my fiance’s name on the title documents. My conveyancer said it is due to the fact that she was not in the mortgage with Dudley Building Society. Is it possible for me to put her name on the deeds?
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with Dudley Building Society?
• Having been 4 years estranged I have decided to transfer my share of the house to my husband who is refinancing with Dudley Building Society. Can a transfer of equity be done in less than four weeks?
• My decree absolute has gone through as is the consent order. Now I have to deal with the transfer of equity on title deeds and the Dudley Building Society mortgage. I have called Dudley Building Society for the transfer of equity application. What are my next steps?
• At what point do I pay the Stamp Duty Land Tax chargeable for the transfer of equity in my property in my name alone which is happening simultaneously with a remortgage via Dudley Building Society?
• I got divorced four years ago. For some reason I never got around to transfer 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 presumably the way forward. Dudley Building Society is happy to transfer the property and loan in my name (affordability checks done). Does my ex need a conveyancer?

Examples of information requested in a conveyancing solicitor questionnaire concerning a Dudley Building Society Transfer of Equity

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

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 premises

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 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 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 conveyancer 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.

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 conveyancing solicitor 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.