LenderPanel.com

Find a Law Firm approved by
Ipswich Building Society

Are you in need of a Transfer of Equity with a Ipswich Building Society mortgage? Failing to check that a lawyer is on the Ipswich Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Ipswich Building Society transfer of equity: q and a’s

  • After a number of years separated I have made the decision to transfer my share of our former home to my husband who is refinancing with Ipswich Building Society. Can a transfer of equity be done within 28 days?
  • What if my application doesn't meet Ipswich Building Society lending criteria for a transfer of equity?
  • I already have a mortgage with Ipswich Building Society and am retaining my existing mortgaging but seeking to have have the equity transferred to my name alone so my ex will no longer be on the deeds. How long does the whole transfer of equity process take?
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Ipswich Building Society mortgage account?
  • What is the process for having someone removed from the title documents to a property where the home loan is with Ipswich Building Society
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Ipswich Building Society?
  • My ex are looking to get a conveyancing solicitor in place for a remortgage with Ipswich Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based websites and the results are from all over the country. How necessary is it to appoint a conveyancer local to us?

Information that may be required from your lawyer is likely to ask in relation to your Ipswich Building Society Transfer of Equity

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

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

Where you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Would you like us to prepare Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?

Is the transfer of equity subject to a court order? If yes please supply a copy

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

Caveats to be read in supplemental the above Ipswich 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 Ipswich Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, provisions in 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 breach of 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 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 valuation of the property at the time of completion 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 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 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