Recently asked questions relating to Suffolk Building Society transfer of equity

• What are my options where I am not happy with the conveyancing solicitor who did our transfer of equity transaction?
• Can I transfer the equity held in my property with my Suffolk Building Society mortgage?
• My divorce is through as is the consent order. Now I need to sort out the transfer of equity on title deeds and the Suffolk Building Society mortgage. I have called Suffolk Building Society for the transfer of equity forms. What are my next steps?
• I already have a home loan with Suffolk Building Society and am maintaining my current mortgaging but wish to have it in my name alone so my former wife won't be on it any longer. How long do Suffolk Building Society take to process the application?
• When it comes to transfer of equity conveyancing involving a remortgage with Suffolk Building Society should I be paying value added tax 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 in the process of removing a name from a joint mortgage and the Suffolk Building Society need me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Wakefield conveyancing solicitor to deal with the transfer of equity? They need to be on the Suffolk Building Society conveyancing panel.
• My partner and myself have 50:50 shares in a investment property. I am a higher rate tax payer. Preferably I would like to do a transfer of equity into her name with a view to reduce our tax on the letting income. If Suffolk Building Society are fine with this the legal fees are not high. However what happens when we dispose of the property? Would my GGT relief be lost.

Questions that your conveyancing solicitor could ask about your Suffolk Building Society Transfer of Equity

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

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 premises

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not strictly observed 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 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 the conclusion 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 conveyancer 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 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.