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

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

  • I bought a flat with my brother five.seven years ago Since then, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Ecology Building Society mortgage. There is a 40k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • My former wife are seeking to get a conveyancer lined up for a remortgage with Ecology Building Society. Transfer of Equity conveyancing is also necessaryI have used the different comparison based services and the results are from all over the country. Do we need to have a lawyer local to us?
  • Ecology Building Society have today agreed I can take over the mortgage on my home. I previously applied for a transfer of equity but is this a transfer of ownership at HMLR in addition?
  • Can I transfer the equity held in my property with my Ecology Building Society mortgage?
  • I am in the process of removing a name from a joint mortgage and the Ecology Building Society require me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Friern Barnet conveyancing solicitor to deal with the transfer of equity? They need to be on the Ecology Building Society conveyancing panel.
  • I co-own a house in Sedgefield , with a Ecology Building Society loan with my former partner. He and his fiance are going to acquire my share. We had consent from Ecology Building Society to replace my name with hers. The transfer of equity has to be done by a lawyer for Ecology Building Society (apparently). In order to save fees can I deal with the Land Registry change?
  • My wife and I jointly own a investment property. I am a higher rate tax payer. Preferably I would like to do a transfer of equity to her sole name in order reduce our tax on the letting income. Assuming Ecology Building Society are fine with this the legal fees are not prohibitive. What are the implications when we dispose of the property? Would my GGT relief be lost.

Questions that your conveyancing solicitor may ask about your Ecology Building Society Transfer of Equity

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

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

Have you approached Ecology Building Society to obtain consent to the Transfer of Equity

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

If you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

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

Important warnings to consider in further to the above Ecology 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 Ecology Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of 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 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 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 market value of the property at the conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Ecology Building Society your property may be repossessed.

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 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 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 Ecology Building Society transfer of equity