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

• Been reviewing consumer blogs that solicitors are more expensive than conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I need to be transferring equity and at the same time remortgaging with Ecology Building Society
• I already have a home loan with Ecology Building Society and am keeping my existing mortgaging but wish to have have the equity transferred to my name only so my former husband won't be on it any longer. How long does the whole transfer of equity process take?
• How do I go about adding or removing names (transfer of equity) to or from my Ecology Building Society mortgage account?
• Ecology Building Society have today agreed I can take over the home loan on the flat. I previously applied for a transfer of equity but presumably there is a transfer of ownership of the house in addition?
• Is it sensible to stop my mortgage payments with Ecology Building Society once a date for my remortgage and transfer of equity has been agreed?
• My mother passed away last May leaving a unencumbered property to me and my half brother in equal shared. Having continues to reside at the property, there was a clause in the will saying the housecould not be sold for 2 years after her passing so he could remain there for a specified time frame. He now wants to remain in the property beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the conventional way to acquire my share?
• I intend to refinance my home in Crabtree moving from Accord to Ecology Building Society. The flat is currently in joint names but wish for it to be in my sole name when I remortgage. My wife is OK with this and is happy to sign a form but neither of us want to get a second lawyer involved.

Information that may be required from your conveyancer may ask in relation to your Ecology Building Society Transfer of Equity

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

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, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. 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 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 varies based on the valuation of the property at finalisation of the transfer of equity conveyancing.

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 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.