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Ipswich Building Society

Ipswich Building Society transfer of equity example support desk enquires

  • I am planning on removing a name from a joint mortgage and the Ipswich Building Society need me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Timperley lawyer to deal with the transfer of equity? They need to be on the Ipswich Building Society conveyancing panel.
  • I already have a mortgage with Ipswich Building Society and am retaining my current mortgaging but applying to have have the equity transferred to my name only so my ex won't be on it any longer. How long does the whole transfer of equity process take?
  • As things stand I have a joint Ipswich Building Society mortgage with my brother and am looking into the option of him taking on the outstanding mortgage and removing myself from it, to enable me to buy a place with my soon-to-be-wife. The outstanding mortgage is about 200k, and the property value is approx 500k. Is this a transfer of equity? Is land tax due?
  • Ipswich Building Society have just agreed I can take over the mortgage on my home. I had applied for a transfer of equity but is this a transfer of ownership of the title deeds on top?
  • My fiance and myself have equal shares in a BTL. I am a higher rate tax payer. Ideally I would like to do a transfer of equity to her sole name with a view to reduce our tax on the letting income. If Ipswich Building Society are happy with this the legal fees are not high. However what happens when we sell? As I would no longer be on the deeds would I lose my CGT relief.
  • I plan to remortgage my home in Witham switching from Barnsley BS to Ipswich Building Society. The flat is currently in joint names but intend for it to be in my name only as and when I remortgage. My former partner is OK with this and is willing to sign a form but neither of us want to get a second conveyancer involved.
  • What if my application doesn't meet Ipswich Building Society lending criteria for a transfer of equity?

Questions that your conveyancing solicitor may ask about your Ipswich Building Society Transfer of Equity

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

Who will be responsible for the costs of the 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..

Please provide the name(s) and addresse(s) of anyone to be extracted from the title deeds?

Has consent been obtained from Ipswich Building Society to the proposed transfer of equity?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

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 titles

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to 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 varies based on the valuation 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 conveyancer 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 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.


Frequently asked questions relating to Ipswich Building Society transfer of equity