Ipswich Building Society transfer of equity example support desk enquires
- I understand we would need at least AP1 and Transfer Deed. Is this true?
- What are my options where I am dissatisfied with the lawyer who handled our transfer of equity conveyancing?
- My father passed away half a year ago leaving a unencumbered property to me and my brother equally. He has always lived in the property, there was a condition in the will specifying that the premisescould not be sold for 2 years following her passing so he could reside there for a specified time frame. He now wants to remain in the premises beyond the prescribed period. We have considered a transfer of equity. Am I right in saying we'd get a valuation then he'd get a home loan in the conventional way to purchase my equity?
- My ex are looking to get a conveyancing solicitor lined up for a remortgage with Ipswich Building Society. Transfer of Equity conveyancing is also necessaryI have used the different comparison based services and the results are from all over England and Wales. Is it important to have a conveyancing solicitor local to us?
- Last year bought a property without my partner's name on the title documents. My conveyancer claimed it is due to the fact that she was not in the mortgage with Ipswich Building Society. I'm wondering is there any way that I can put her name on the documents at HMLR?
- I already have a mortgage with Ipswich Building Society and am retaining my current mortgaging but seeking to have have the equity transferred to my name only so my former husband will come off the title. How long can it take for the paperwork to be processed?
- Me and a friend got a joint mortgage with Ipswich Building Society on a house in 2013. I am now thinking of purchasing a apartment on my own and my friend would like to buy me out. Assuming we can agree a price what happens next? Would there be any potential concerns with Ipswich Building Society with him being on the hook for the total loan as opposed to only half of it?
Questions that your lawyer could ask in relation to your Ipswich Building Society Transfer of Equity
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?
Please provide a copy of your National Insurance Number?
Would you like us to draw up a Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?
Is it the case that one of the registered proprietors passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.
Please give the name(s) and addresse(s) of anyone to be added to the title deeds?
Information to consider in supplemental the above Ipswich Building Society transfer of equity Questions and Answers :
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 terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 finalisation of the transfer of equity transaction.
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.
Content 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.