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Are you in need of a Transfer of Equity with a Ecology Building Society mortgage? Failing to check that a lawyer is on the Ecology 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.

Ecology Building Society transfer of equity example support desk enquires

  • My ex-partner and I are in the market for an affordable conveyancing solicitor to assist in a transfer of equity and remortgage with Ecology Building Society. I am aware of the possibility of getting ripped off and there are various conveyancing solicitors who do transfer of equity conveyancing to pick from...who do I opt for?
  • When it comes to transfer of equity conveyancing involving a remortgage with Ecology Building Society should I be paying value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • I recently purchased a house without my wife's name on the title. My lawyer claimed it is due to the fact that she is not in the mortgage with Ecology Building Society. I'm wondering is there any way that I can add her name on the title?
  • Been looking at online forums that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I need to be transferring equity and simultaneously switching mortgage with Ecology Building Society
  • I plan to remortgage my apartment in Sedgefield moving from Natwest to Ecology Building Society. The apartment is jointly owned but wish for it to be in my sole name as and when I transfer. My husband has verbally consented to this and is willing to transfer equity but neither of us want to get a second lawyer involved.
  • I am trying to find a conveyancing solicitor to handle my transfer of equity. Ecology Building Society have been approached for a refinancing. I thought of asking my mortgage broker. I understand he may get a referral fee for suggesting someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic flawed?
  • I currently have a joint Ecology Building Society mortgage with my brother and am looking into the possibility of him taking on the outstanding mortgage and subtracting myself from it, to enable me to purchase a property with my soon-to-be-wife. The outstanding mortgage is in the region 250k, and the property value is about 450k. Is this a transfer of equity? Is stamp duty due?

Sample of questions in a lawyer questionnaire concerning a Ecology Building Society Transfer of Equity

Please provide the details of anyone to be removed from the property title?

Please list all persons who occupy the property, their respective ages and relationships to you.

Can you provide the details of anyone who jointly owns the property with you?

Please give the name(s) and addresse(s) of anyone to be added to the property title?

If 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?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Information to consider in supplemental the above Ecology Building Society transfer of equity Questions and Answers :

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 Ecology 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 terms are not adhered to you may be in violation of 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 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 conveyancer will check with Ecology 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 Ecology 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 finalisation of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Ecology Building Society.

Preparing the Transfer of Equity with a Ecology 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 Ecology 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 provided on 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 Ecology Building Society transfer of equity