Sample questions relating to Suffolk Building Society transfer of equity

• I am planning on removing a name from a joint mortgage and the Suffolk Building Society require me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Crabtree conveyancing solicitor to deal with the transfer of equity? They need to be on the Suffolk Building Society conveyancing panel.
• Will I incur any charges for a Transfer of Equity where the current mortgage is with Suffolk Building Society?
• I understand we would need at least AP1 and Transfer Deed. Is this true?
• I currently have a joint Suffolk Building Society mortgage with my brother and am investigating the possibility of him taking on the whole mortgage and removing myself from it, to enable me to purchase a property with my partner. The remaining mortgage is about 175k, and the property value is approx 600k. Is this a transfer of equity? Is stamp duty due?
• I recently bought a house without my fiance’s name on the deeds. My lawyer claimed it is due to the fact that she was not in the loan offer with Suffolk Building Society. I'm wondering is there any way that I can put her name on the title?
• I acquired a flat with my brother five.seven years ago Since then, we have both got married. We are now looking to do a transfer of equity so my name comes off the Suffolk Building Society mortgage. There is a meaningful difference between the value the Suffolk Building Society say and what the property would sell for currently. Can you offer any advice?
• I intend to remortgage my home in Romsey switching from Yorkshire Bank Home Loans to Suffolk Building Society. The apartment is jointly owned but wish for it to be in my sole name as and when I remortgage. My former partner has verbally consented to this and is happy to transfer equity but neither of us want to incur conveyancer charges.

Examples of questions in a conveyancing solicitor form relating to Suffolk Building Society Transfer of Equity

Caveats to be read in further to the above Suffolk Building Society transfer of equity Info :

Tax and Legal

There are numerous potential tax and legal implications when transferring equity for your property. You should always seek the advice of a solicitor on the Suffolk Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such terms are not adhered to 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 as a result of 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 conveyancer will check with Suffolk 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 Suffolk 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.

Preparing the Transfer of Equity with a Suffolk 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 Suffolk 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 lawyer 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.