Recently asked questions relating to Ipswich Building Society transfer of equity

• I intend to refinance my maisonette in Winchelsea switching from Barnsley BS to Ipswich Building Society. The apartment is jointly owned but I would like it to be in my sole name as and when I remortgage. My husband is OK with this and is happy to transfer equity but neither of us want to incur lawyer fees.
• How do I go about adding or subtracting names (transfer of equity) to or from my Ipswich Building Society mortgage account?
• Is there such a thing a transfer of equity stamp duty calculator?
• My partner and I equally own a BTL. I am a top rate tax payer. Ideally I would like to do a transfer of equity into her name in order mitigate tax on rental income. Assuming Ipswich Building Society are content with this the legal fees are inexpensive. What are the implications when we sell? Would my GGT relief be lost.
• What legal advice do I need when doing a transfer of equity where the home loan is to remain with Ipswich Building Society?
• My brother and I got a joint mortgage with Ipswich Building Society on a house a couple of years ago. I am now looking to get a house by myself and my friend would like to buy me out. On the basis that we can settle on a price what happens next? Would there be any potential issue with Ipswich Building Society with him being solely liable for the total mortgage as opposed to only half of it?
• Two years ago I bought a property without my wife's name on the title documents. My conveyancer said it is because she is not in the loan offer with Ipswich Building Society. I'm wondering is there any way that I can add her name on the title?

Information that may be required from your conveyancer could ask about your Ipswich Building Society Transfer of Equity

Information to consider in supplemental the above Ipswich Building Society transfer of equity information :

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 Ipswich Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such terms are not adhered to you may be in breach of your covenants under 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 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 Ipswich 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 Ipswich 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 transaction.

Preparing the Transfer of Equity with a Ipswich Building Society Mortgage

When it comes to preparing the the Land Registry documents your lawyer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Ipswich 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.

Content 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.