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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.

Questions and answers: Dudley Building Society transfer of equity

  • Dudley Building Society yesterday agreed I can take over the home loan on my home. I had applied for a transfer of equity but is this a transfer of ownership of the house on top?
  • My ex are seeking to get a lawyer in place for a remortgage with Dudley Building Society. Transfer of Equity conveyancing is also requiredI have used the different rating based services and the results are from all over UK. Is it important to have a conveyancer local to us?
  • I understand we would need at least AP1 and Transfer Deed. Is this true?
  • My decree absolute has gone through as is the consent order. Now I need to address the transfer of equity at the land registry and the Dudley Building Society home loan. I have contacted Dudley Building Society for the transfer of equity application. What do I do now?
  • I recently bought a flat without my partner's name on the title. My conveyancer said it is because she is not in the mortgage with Dudley Building Society. Is it possible for me to add her name on the documents at HM Land Registry?
  • I am am in need of a conveyancer to deal with my transfer of equity. Dudley Building Society are dealing with the remortgage. I thought of asking my financial adviser. I understand he may get a kickback for suggesting someone, but also of benefit will be that he knows the lawyer, has dealt with them before. Is my logic correct?
  • At what point do I cover the costs of stamp duty chargeable for the transfer of equity in my home in my name alone which is happening simultaneously with a switching mortgage with Dudley Building Society?

Questions that your lawyer may ask about your Dudley Building Society Transfer of Equity

Please provide a copy of your National Insurance Number?

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” Questionnaire.

Please provide the details of anyone to be added to the property title?

Is it the case that one of the registered proprietors died? If so please provide 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 the transfer of equity has been formalised?

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

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

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 properties

If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not complied with 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 pursuant to 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 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 market value of the property at the conclusion 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 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