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Dudley Building Society

Sample questions relating to Dudley Building Society transfer of equity

  • What is the process for having a person removed from the title documents to a house where the home loan is with Dudley Building Society
  • I intend to refinance my apartment in Crabtree changing from Virgin Money to Dudley Building Society. The apartment is currently in joint names but propose for it to be in my name only when I transfer. My wife has agreed to this and is willing to sign a form but neither of us want to get a second conveyancer involved.
  • After four years estranged I have made the decision to transfer my interest in the flat to my husband who is refinancing with Dudley Building Society. Could this transfer of equity be done in less than four weeks?
  • Me and a friend got a joint mortgage with Dudley Building Society on a property in 2013. I am now thinking of purchasing a house on my own and my friend would like to buy me out. Assuming we can agree a price where do we go? Is there likely to be any problem with Dudley Building Society with him being on the hook for the total loan as opposed to only half of it?
  • Law month I split up with my ex of twenty years. I'm now back with my mum and dad and she wishes to stay in the property and buy me out. What percentage do I get. Is it half of the equity after discharging the Dudley Building Society home loan? I assume proper valuations are necessary but I really need ensure that I'm getting I am not being taken advantage of
  • My father died seven months ago leaving a loan-free semi to me and my brother equally. Having continues to reside at the premises, there was a provision in the will specifying that the housecould not be sold for three years after her death so he could continue to live there for a specified time frame. He now says he would like to remain in the property beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a mortgage in the traditional way to purchase my equity?
  • My former wife are looking to get a lawyer lined up for a new mortgage with Dudley Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based tools and the results are from all over England and Wales. Do we need to appoint a conveyancer local to us?

Information that may be required from your lawyer could ask about your Dudley Building Society Transfer of Equity

Is it the case that one of the registered owners died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Have you approached Dudley Building Society to seek consent to the Transfer of Equity

Please clarify if you are making any payment for the Transfer of Equity and to whom and notify us any such sums?

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

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, provisions in the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in 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 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 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 varies based on the valuation of the property at the conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Dudley Building Society your property may be repossessed.

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 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.


Frequently asked questions relating to Dudley Building Society transfer of equity