Ecology Building Society transfer of equity example support desk enquires

• My father died early last year leaving a unencumbered semi to me and my step brother in equal shared. He has always lived in the house, there was a condition in the will specifying that the housecould not be sold for 2 years following her death so he could remain there for a while. He now says he would like to remain in the premises beyond the prescribed period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the traditional way to purchase my equity?
• What is the process for having someone removed from the title documents to a property where the mortgage is with Ecology Building Society
• I am in the process of removing a name from a joint mortgage and the Ecology Building Society need me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Romsey conveyancing solicitor to deal with the transfer of equity? They need to be on the Ecology Building Society conveyancing panel.
• Having been 2 a couple of years separated I have opted to transfer my interest in the house to my husband who is re-mortgaging with Ecology Building Society. Can a transfer of equity be done in 28 days?
• I am looking for a lawyer to handle my transfer of equity. Ecology Building Society are dealing with the remortgage. I thought of asking my mortgage broker. I understand he may receive a referral fee for recommending someone, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Any flaws you see in this way of thinking?
• Ecology Building Society have just agreed I can take over the home loan on my home. I previously applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry as well?
• I already have a home loan with Ecology Building Society and am retaining my current mortgaging but seeking to have it in my name alone so my former partner will be removed from the title. How long can it take for the forms to be processed?

Questions that your conveyancer could ask about your Ecology Building Society Transfer of Equity

Information to consider in further to the above Ecology 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 Ecology 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger 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 conveyancing solicitor will check with Ecology 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 Ecology 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 market value of the property at finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a Ecology 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 Ecology 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 does not constitute 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.