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Are you in need of a Transfer of Equity with a Ipswich Building Society mortgage? Failing to check that a lawyer is on the Ipswich Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Ipswich Building Society transfer of equity: q and a’s

  • Online research suggests that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I need to be transferring equity and simultaneously remortgaging with Ipswich Building Society
  • Is it possible to transfer the equity held in my property with my Ipswich Building Society mortgage?
  • What is the process for having a person removed off the title documents to a house where the home loan is with Ipswich Building Society
  • I am looking for a conveyancer to deal with my transfer of equity. Ipswich Building Society have been approached for a refinancing. I considered asking my financial adviser. I understand he will likely receive a referral fee for suggesting someone, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Any flaws you see in this way of thinking?
  • Will I have to pay any charges for a Transfer of Equity where the current mortgage is with Ipswich Building Society?
  • Ipswich Building Society have just agreed I can take over the mortgage on the flat. I had applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds on top?
  • Me and my partner co-own a house in Romsey . Mortgage is with Ipswich Building Society. I want to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be straightforward?

Sample of questions in a lawyer form concerning a Ipswich Building Society Transfer of Equity

Is the transfer of equity subject to a court order? If yes please supply a copy

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

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

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

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

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

Caveats to be read in in addition to the above Ipswich Building Society transfer of equity information :

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 properties

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 landlord. If such terms are not adhered to you may be in breach 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 pursuant to 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 conveyancer 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.

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