LenderPanel.com

Find a Law Firm approved by
Dudley Building Society

Are you in need of a Transfer of Equity with a Dudley Building Society mortgage? Failing to check that a lawyer is on the Dudley Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Dudley Building Society transfer of equity example support desk enquires

  • I am under the impression we would need at least AP1 and TR1. Is this true?
  • My fiance and myself equally own a BTL. I am a higher rate tax payer. Preferably I wish to do a transfer of equity to her sole name with a view to reduce our tax on the letting income. Assuming Dudley Building Society are fine with this the legal fees are inexpensive. However what happens when we sell? As I would no longer be on the title documents would I lose my CGT relief.
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Dudley Building Society?
  • I already have a mortgage with Dudley Building Society and am retaining my current mortgaging but applying to have it in my sole name so my ex won't be on it any longer. How long does the whole transfer of equity process take?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Dudley Building Society?
  • Online reading suggests that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I am transferring equity and at the same time remortgaging with Dudley Building Society
  • I intend to remortgage my maisonette in Winchelsea changing from Accord to Dudley Building Society. The maisonette is jointly owned but I would like it to be in my name only as and when I switch. My former partner is OK with this and is willing to transfer equity but neither of us want to get a second conveyancer involved.

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

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

Would you like us to draft you Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

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

Please provide the name(s) and addresse(s) of anyone to be extracted from the title deeds?

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?

Where 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” Form.

Information to consider in supporting the above Dudley Building Society transfer of equity Info :

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 obtain the consent of the landlord. If such conditions are not complied with 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 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 valuation of the property at the conclusion 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 lawyer 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 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