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Ipswich Building Society

Ipswich Building Society transfer of equity example support desk enquires

  • I am answering a Ipswich Building Society transfer of equity application and have come to the questions that asks about defaults etc. I do some debts that I have been clearing for a number of years, in fact they have long since disappeared from my credit rating. Must I reveal these?
  • Given that we have been a number of years estranged I have made the decision to give up my interest in our flat to my husband who is re-mortgaging with Ipswich Building Society. Could this transfer of equity be done in less than four weeks?
  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with Ipswich Building Society?
  • My mum passed away early last year leaving a loan-free bungalow to me and my step brother 50:50. He has always lived in the house, there was a clause in the will specifying that the housecould not be sold for 24 months after her death so he could continue to live there for a specified time frame. He now wants to remain in the house beyond the specified period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the traditional way to acquire my equity?
  • I am considering mortgaging my house in Timperley does my lawyer need to be on the Ipswich Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
  • I got divorced in 2010. For some reason I never got around to transfer ownership from both our names to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Ipswich Building Society is willing to transfer the full equity in my name (financial checks done). Does my ex need a solicitor?
  • How do I go about adding or removing names (transfer of equity) to or from my Ipswich Building Society mortgage account?

Questions that your conveyancer could ask in relation to your Ipswich Building Society Transfer of Equity

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

Would you like us to draw up a Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Is it the case that one of the registered proprietors passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

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

Information to consider in supporting the above Ipswich Building Society transfer of equity Advice :

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 premises

If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach of the lease. This could potentially result in 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 is dependent 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 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 conveyancer 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