Questions and answers: Suffolk Building Society transfer of equity
- Law month I split up with my ex of 18 years. I'm now back with my mum and dad and she wants to stay in the apartment and pay me off. What portion do I get. Is it half of the equity after paying off the Suffolk Building Society home loan? I assume proper valuations are required but I would like to be confident that I'm getting what I am entitled to
- Is it possible to apply to request a further advance from Suffolk Building Society as part of a Transfer of Equity?
- Two years ago I purchased a house without my partner's name on the title. My lawyer said it is because she is not in the loan offer with Suffolk Building Society. Is it possible for me to add her name on the documents at HMLR?
- My divorce is through as is the consent order. Now I must deal with the transfer of equity on title deeds and the Suffolk Building Society home loan. I have called Suffolk Building Society for the transfer of equity application. What are my next steps?
- I am filling out a Suffolk Building Society transfer of equity form and have come to the part concerning defaults etc. There are some debts that I have been paying off over a long period, in fact they no longer remain my credit records. Am I obliged to set these out?
- I plan to refinance my maisonette in Crabtree
changing from Virgin Money to Suffolk Building Society. The maisonette is jointly owned but I would like it to be in my sole name once I transfer. My former partner has verbally consented to this and is happy to sign a form but neither of us want to incur conveyancer charges.
- Taking into account that we have been a number of years apart I have made the decision to transfer my share of the house to my husband who is re-mortgaging with Suffolk Building Society. Can a transfer of equity be completed in less than 28 days?
Information that may be required from your conveyancer may ask regarding your Suffolk Building Society Transfer of Equity
Has one of the registered owners died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
Please give the name(s) and addresse(s) of anyone to be extracted from the property title?
Is the transfer of equity subject to a court order? If yes please supply a copy
Has consent been obtained from Suffolk Building Society to the proposed transfer of equity?
Please list all persons who occupy the property, their respective ages and relationships to you.
Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same
Information to consider in in addition to the above Suffolk 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 Suffolk 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 require that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.
If the transfer of equity is made pursuant to 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 the conclusion of the transfer of equity conveyancing.
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.