Frequently asked questions relating to Ipswich Building Society transfer of equity
- What are the average solicitors charges are for a transfer of equity? I'm in the process of remortgaging - moving over to Ipswich Building Society - and have been quoted Three Hundred pounds including VAT by Ipswich Building Society's approved conveyancer, Have I been over quoted?
- I currently have a joint Ipswich Building Society mortgage with my brother and am investigating the feasibility of him assuming responsibility for the outstanding mortgage and subtracting myself from it, so as to enable me to buy somewhere with my fiance. The outstanding mortgage is approx 300k, and the property value is in the region 450k. Is this a transfer of equity? Is stamp duty due?
- Is it possible to apply to borrow more money from Ipswich Building Society as part of a Transfer of Equity?
- Can you tell me how to have someone removed off the deeds to a house where the home loan is with Ipswich Building Society
- My ex are looking to get a conveyancing solicitor lined up for a refinance with Ipswich Building Society. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over England and Wales. Is it important to appoint a conveyancing solicitor local to us?
- I am am in need of a conveyancer to handle my transfer of equity. Ipswich Building Society are dealing with the remortgage. I thought of asking my mortgage broker. I understand he will likely receive a referral fee for suggesting someone, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Is my logic misguided?
- I am transferring my equity in property in Woodside to my co-owners fiance, they are reapplying to Ipswich Building Society. We are debating as to who should cover the fees for the transfer of equity. Is this usually shared or is one of us liable for the legal bill?
Questions that your conveyancer is likely to ask in relation to your Ipswich Building Society Transfer of Equity
Is it the case that one of the registered proprietors died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
Has consent been obtained from Ipswich Building Society to the proposed transfer of equity?
Please give the name(s) and addresse(s) of those who jointly own the property with you?
Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?
Who will be responsible for the costs of the Transfer of Equity?
Please list all persons who occupy the property, their respective ages and relationships to you.
Important warnings to consider in further to the above Ipswich Building Society transfer of equity Advice :
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, provisions in 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 trigger the freeholder taking enforcement action against you.
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 cases, 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 varies based on the market value of the property at the conclusion 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 conveyancer 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 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.