Questions and answers: Ipswich Building Society transfer of equity
- I bought a flat with my brother five.seven years ago Since then, we have both got married. We are now intending to do a transfer of equity so my name is taken off the Ipswich Building Society mortgage. There is a significant difference between the value the lender hold and what the property would sell for currently. Can you offer any advice?
- How and when do I pay stamp duty payable for the transfer of equity in my home in my sole name which is happening simultaneously with a refinancing with Ipswich Building Society?
- What should I be budgeting for when it comes to what solicitors fees 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 plus VAT by Ipswich Building Society's approved conveyancing solicitor, Have I been over quoted?
- My Ipswich Building Society home loan we jointly entered into with ex, who is agreeable to be removed and let me have the property. Ipswich Building Society have consented to the transfer of equity to me solely. Do Ipswich Building Society contact my employer to confirm my salary?
- I am are looking to find a dependable conveyancing lawyer to help me sell in a transfer of equity and refinance with Ipswich Building Society. I am aware of the dangers of getting ripped off and there's various conveyancing solicitors who do transfer of equity conveyancing to choose from...who do I opt for?
- Having been 3 years apart I have made the decision to transfer my interest in our house to my husband who is refinancing with Ipswich Building Society. Can a transfer of equity be done in 28 days?
- My former husband are seeking to get a conveyancer lined up for a new mortgage with Ipswich Building Society. Transfer of Equity conveyancing is also neededI have used the different rating based websites and the results are from all over the country. Is it important to appoint a lawyer local to us?
Information that may be required from your conveyancer may ask regarding your Ipswich Building Society Transfer of Equity
Please provide the details of those who jointly own the premises with you?
Where you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Please list all persons who occupy the property, their respective ages and relationships to you.
Have you approached Ipswich Building Society to obtain consent to the Transfer of Equity
Is it the case that one of the registered owners passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
Please provide the details of anyone to be added to the title deeds?
Caveats to be read in in addition 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 titles
If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not strictly observed 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 pursuant to 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 is dependent on the valuation of the property at the time of completion of the transfer of equity transaction.
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 conveyancing solicitor 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 provided 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.