Suffolk Building Society transfer of equity example support desk enquires

• How and when do I cover the costs of the Stamp Duty Land Tax chargeable for the transfer of equity in my property in my name alone which is happening at the same time as a refinancing with Suffolk Building Society?
• My Suffolk Building Society home loan is in joint names with ex, he has agreed to come off the mortgage and let me have the property. Suffolk Building Society will permit the transfer of equity to me solely. Will Suffolk Building Society write my boss to check my salary?
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with Suffolk Building Society?
• My decree absolute has gone through as is the consent order. Now I have to sort out the transfer of equity at the land registry and the Suffolk Building Society home loan. I have asked Suffolk Building Society for the transfer of equity forms. What do I do now?
• I am under the impression we would need at least AP1 and TR1. Is this true?
• Suffolk Building Society have today agreed I can take over the mortgage on my home. I previously applied for a transfer of equity but is this a transfer of ownership at the Land Registry in addition?
• What do I do if I am not happy with the conveyancing solicitor who conducted my transfer of equity conveyancing?

Information that may be required from your lawyer is likely to ask about your Suffolk Building Society Transfer of Equity

Caveats to be read in further to the above Suffolk 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 Suffolk Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such conditions are not strictly observed you may be in violation of 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 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 the time of completion of the transfer of equity conveyancing.

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 conveyancing solicitor 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.