LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Dudley Building Society

Examples of recent questions relating to Dudley Building Society transfer of equity

  • My former husband are seeking to get a lawyer in place for a new mortgage with Dudley Building Society. Transfer of Equity conveyancing is also necessaryI have used the different comparison based tools and the results are from all over UK. How necessary is it to appoint a lawyer local to us?
  • Can you tell me how to have someone removed off the title documents to a house if the home loan is with Dudley Building Society
  • The mortgage broker has suggested using their lawyer for the Transfer of Equity plus remortgage with Dudley Building Society - Is it not simpler advisable to just use them?
  • My partner and I jointly own a property in Littleborough . Home loan is with Dudley Building Society. I want to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Is this likely to be easy to so?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Dudley Building Society?
  • Am I best advised cancel my mortgage payments with Dudley Building Society as soon as a date for my remortgage and transfer of equity has been agreed?
  • I am looking for a conveyancer to undertake my transfer of equity. Dudley Building Society have been approached for a remortgage. I considered asking my financial adviser. I understand he will likely receive a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Is my logic flawed?

Information that may be required from your lawyer may ask in relation to your Dudley Building Society Transfer of Equity

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

Has consent been obtained from Dudley Building Society to the proposed transfer of equity?

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

Is the transfer of equity subject to a court order? If yes please supply a copy

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

Is it the case that one of the registered owners passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Caveats to be read in supporting the above Dudley Building Society transfer of equity Advice :

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 properties

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not complied with you may be in violation of the lease. This could potentially result in 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 varies based on the market value of the property at the time of completion of the transfer of equity conveyancing.
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 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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within 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