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Suffolk Building Society

Sample questions relating to Suffolk Building Society transfer of equity

  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Suffolk Building Society?
  • When it comes to transfer of equity conveyancing involving a remortgage with Suffolk Building Society should I be paying VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • I am trying to find a lawyer to deal with my transfer of equity. Suffolk Building Society have been approached for a refinancing. I considered asking my mortgage broker. I am lead to believe he will likely get a referral fee for recommending a firm, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Is my logic misguided?
  • I already have a mortgage with Suffolk Building Society and am retaining my current mortgaging but applying to have it in my name alone so my ex won't be on it any longer. How long does the whole transfer of equity process take?
  • 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 Blaenavon lawyer to deal with the transfer of equity? They need to be on the Suffolk Building Society conveyancing panel.
  • Can I transfer the equity held in my property with my Suffolk Building Society mortgage?
  • My Suffolk Building Society mortgage is in joint names with ex, who has agreed to be removed and put the house in my name alone. Suffolk Building Society have consented to the transfer of equity to me solely. Do Suffolk Building Society call my employer to check my salary?

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

Please inform us if you are making any payment for the Transfer of Equity and to whom and give details of the amount?

Has 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..

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

Has consent been obtained from Suffolk 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 give the name(s) and addresse(s) of anyone to be added to the title deeds?

Information to consider in further to the above Suffolk Building Society transfer of equity Advice :

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 premises

Should the tenure of your property be leasehold, provisions in 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 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 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 lawyer 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 is dependent 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 Suffolk Building Society.

Preparing the Transfer of Equity with a Suffolk Building Society Mortgage

When it comes to preparing the the Land Registry documents your conveyancing solicitor 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.


Frequently asked questions relating to Suffolk Building Society transfer of equity