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Ipswich Building Society

Recently asked questions relating to Ipswich Building Society transfer of equity

  • I got divorced two years ago. For some reason I never got around to transfer ownership from the current 'joint' status to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. Ipswich Building Society is willing to transfer the full equity in my name (financial checks done). Does she need a lawyer?
  • I am hoping to refinance my home in Miles Platting changing from Barclays to Ipswich Building Society. The home is jointly owned but I would like it to be in my name only as and when I remortgage. My wife has agreed to this and is willing to transfer equity but neither of us want to get a second conveyancing solicitor involved.
  • The mortgage broker has suggested using their conveyancer for my Transfer of Equity plus remortgage with Ipswich Building Society - Is it not simpler advisable to just use them?
  • I already have a home loan with Ipswich Building Society and am keeping my current mortgaging but seeking to have it in my name only so my ex will come off the title. How long does the whole transfer of equity process take?
  • My decree absolute has gone through as is the consent order. Now I need to deal with the transfer of equity on title deeds and the Ipswich Building Society mortgage. I have asked Ipswich Building Society for the transfer of equity forms. What do I do now?
  • Have recently separated from my ex of twenty years. I'm now back with my parents again and she wishes to remain in the flat and pay me off. What percentage am I entitled to. Is it 50% of the equity after discharging the mortgage with Ipswich Building Society? I assume proper valuations are necessary but I would like ensure that I'm getting what I am entitled to
  • Ipswich Building Society yesterday agreed I can take over the home loan on my home. I have applied for a transfer of equity but is this a transfer of ownership at the Land Registry as well?

Information that may be required from your conveyancing solicitor is likely to ask about your Ipswich Building Society Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Have you approached Ipswich Building Society to seek consent to the Transfer of Equity

Please let us know where you are providing any payment for the Transfer of Equity and to whom and give details of any such sums?

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

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

Please list all persons who occupy the property, their respective ages and relationships to you.

Important warnings to consider in in addition to 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 titles

If your property is leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in 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 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 market value of the property at the conclusion of the transfer of equity conveyancing.
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 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 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