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Ipswich Building Society

Frequently asked questions relating to Ipswich Building Society transfer of equity

  • Me and my partner co-own a property in Wakefield . Mortgage is with Ipswich Building Society. I wish to transfer full ownership to him with no exchange of money but without using a lawyer. Is this likely to be easy to so?
  • I am planning on removing a name from a joint mortgage and the Ipswich Building Society require me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Blaenavon conveyancing solicitor to deal with the transfer of equity? They need to be on the Ipswich Building Society conveyancing panel.
  • My former husband are planning to get a lawyer in place for a new mortgage with Ipswich Building Society. Transfer of Equity conveyancing is also necessaryI have used the different rating based services and the results are from all over England and Wales. Is it important to have a lawyer local to us?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Ipswich Building Society?
  • My divorce is through as is the consent order. Now I need to address the transfer of equity on title deeds and the Ipswich Building Society home loan. I have asked Ipswich Building Society for the transfer of equity forms. What do I do now?
  • Having been four years estranged I have made the decision to give up my share of the former home to my husband who is re-mortgaging with Ipswich Building Society. Could this transfer of equity be completed in 28 days?
  • When it comes to transfer of equity conveyancing involving refinance with Ipswich 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

Sample of information requested in a lawyer questionnaire relating to Ipswich Building Society Transfer of Equity

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

Is there to be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

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

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

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

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

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

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 Ipswich Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation of your covenants under 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 Ipswich 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 Ipswich 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.
If you do not keep up the payments on your mortgage with Ipswich Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Ipswich 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 Ipswich 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.

Information contained within 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 Ipswich Building Society transfer of equity