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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 plan to refinance my apartment in Blaenavon changing from Virgin Money to Ecology Building Society. The flat is currently in joint names but propose for it to be in my sole name as and when I remortgage. My former partner has agreed to this and is happy to sign a form but neither of us want to incur conveyancer fees.
  • Taking into account that we have been a number of years estranged I have made the decision to relinquish up my share of the flat to my husband who is re-mortgaging with Ecology Building Society. Could this transfer of equity be completed within four weeks?
  • I am completing a Ecology Building Society transfer of equity form and have come to the part regarding defaults etc. I do some debts that I have been reducing since 2009, I understand that they no longer remain my credit records. Do I need to set these out?
  • Can I apply to request a further advance from Ecology Building Society as part of a Transfer of Equity?
  • What do I do if I am unhappy with the conveyancing solicitor who conducted our transfer of equity conveyancing?
  • Our mortgage broker has recommended their conveyancer for the Transfer of Equity plus remortgage with Ecology Building Society - Is it not simpler better to just instruct them?
  • Can I transfer the equity held in my property with my Ecology Building Society mortgage?

Sample of information requested in a conveyancer form relating to Ecology Building Society Transfer of Equity

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

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

Please provide a copy of your National Insurance Number?

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

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

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?

Information to consider in conjunction with the above Ecology Building Society transfer of equity Info :

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 titles

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with 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 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 conveyancing solicitor 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 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 lawyer 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.

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