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Ipswich Building Society

Top seven questions relating to Ipswich Building Society transfer of equity

  • Me and my former husband and I are are seeking to find an affordable conveyancing solicitor to assist in a transfer of equity and remortgage with Ipswich Building Society. I I am fearful of by bill escalating out of control but with so many conveyancing solicitors who do transfer of equity conveyancing out there...how do I know which one to select?
  • Law month I separated from my partner of 18 years. I'm now back with my mum and dad and she wishes to remain in the flat and buy me out. What percentage do I get. Is it 50% of the equity after discharging the Ipswich Building Society home loan? I assume proper valuations are necessary but I really need ensure that I'm getting the best deal
  • I acquired a house with my cousin six years ago Since then, we have both got married. We are now looking to do a transfer of equity so my name comes off the Ipswich Building Society mortgage. There is a 40k difference between the value the Ipswich Building Society say and what the property would sell for currently. Can you offer any advice?
  • How much the typical conveyancing fees are for a transfer of equity? I'm in the process of remortgaging - new loan with Ipswich Building Society - and have been quoted £350 excluding VAT by Ipswich Building Society's appointed conveyancer, Is this is a good price or not?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Ipswich Building Society?
  • I am filling out a Ipswich Building Society transfer of equity request and have arrived at the part concerning debts etc. I do some debts that I have been reducing for a number of years, in fact they no longer remain my credit rating. Do I need to reveal these?
  • I co-own a flat in Winchelsea , with a Ipswich Building Society mortgage with my former husband. Him and his fiance are going to buy me out. We had consent from Ipswich Building Society to replace my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Ipswich Building Society (apparently). In order to save fees can I do the Land Registry change?

Sample of questions in a conveyancing solicitor questionnaire concerning a Ipswich Building Society Transfer of Equity

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

Has one of the registered owners died? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

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

Please give the details of anyone to be removed from the property title?

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

General Advice to read in supplemental the above Ipswich Building Society transfer of equity Questions and Answers :

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 Ipswich Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is 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 violation of your covenants under 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 lawyer 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 valuation of the property at finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Ipswich Building Society.

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 lawyer 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