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Ecology Building Society

Ecology Building Society transfer of equity example support desk enquires

  • In 2013 I bought a property without my partner's name on the ownership paperwork. My conveyancer claimed it is because she was not in the mortgage with Ecology Building Society. I'm wondering is there any way that I can add her name on the title?
  • 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 paperwork. Can you recommend a reasonably priced Sedgefield lawyer to deal with the transfer of equity? They need to be on the Ecology Building Society conveyancing panel.
  • Do I need legal advice when doing a transfer of equity where the home loan is to remain with Ecology Building Society?
  • I own a flat in Blaenavon , with a Ecology Building Society mortgage with my former husband. Him 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 (supposedly). In order to save fees can I deal with the Land Registry formalities?
  • Our mortgage broker has recommended their conveyancer for my Transfer of Equity plus remortgage with Ecology Building Society - Surely it’s better to just use them?
  • Will I incur any fees for a Transfer of Equity where the current home loan is with Ecology Building Society?
  • What can I do where I am dissatisfied with the conveyancing solicitor who handled my transfer of equity transaction?

Examples of questions in a conveyancer form relating to Ecology Building Society Transfer of Equity

If you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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

Can you provide the name(s) and addresse(s) of anyone who jointly owns the premises with you?

Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?

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

Please let us know where you are providing any payment for the Transfer of Equity and to whom and give details of any such sums?

Caveats to be read in in addition 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

If your property is leasehold, the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to 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 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 market value of the property at the conclusion 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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content on 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