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Ipswich Building Society

Sample questions relating to Ipswich Building Society transfer of equity

  • Can I transfer the equity held in my property with my Ipswich Building Society mortgage?
  • I am selling my share of a flat in Hendon to my co-owners husband, they are sticking with Ipswich Building Society being the the existing mortgage company. We are haggling as to who should pay the charges for the transfer of equity. Should this be shared or is one of us liable for the costs of?
  • 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 sole name so my ex will come off the title. How long can it take for the application to be processed?
  • I currently have a joint Ipswich Building Society mortgage with my step-brother and am investigating the option of him assuming responsibility for the whole mortgage and extracting myself from it, so as to enable me to purchase a property with my soon-to-be-wife. The remaining mortgage is approx 250k, and the property value is approx 600k. Is this a transfer of equity? Is land tax involved?
  • My wife and myself have 50:50 shares in a BTL. I am a higher rate tax payer. Preferably I would like to complete a transfer of equity to her sole name to mitigate tax on the letting income. If Ipswich Building Society are happy with this the legal fees are inexpensive. What are the implications when we sell? Would my GGT relief be lost.
  • My former wife are planning to get a conveyancing solicitor in place for a refinance with Ipswich Building Society. Transfer of Equity conveyancing is also neededI have used the different rating based tools and the results are from all over UK. How necessary is it to instruct a lawyer local to us?
  • I am trying to find a conveyancer to undertake my transfer of equity. Ipswich Building Society are dealing with the refinancing. I thought of asking my financial adviser. I am lead to believe he may receive a referral fee for suggesting a firm, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic correct?

Examples of information requested in a conveyancer questionnaire relating to Ipswich Building Society Transfer of Equity

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

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

Please give the details of anyone to be added to the property title?

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Can you give the name(s) and addresse(s) of those who jointly own the premises with you?

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

Information to consider in supplemental 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, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not complied with 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 conveyancing solicitor 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 conclusion 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 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 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