Top seven questions relating to Ipswich Building Society transfer of equity

• I am disposing of my equity in property in Birmingham to my co-owners fiance, they are sticking with Ipswich Building Society as the the existing mortgage company. We are debating as to who must cover the legal bill for the transfer of equity. Should this be split or is one of us liable for the fees for?
• Can I apply to request a further advance from Ipswich Building Society as part of a Transfer of Equity?
• My former wife are seeking to get a lawyer in place for a refinance with Ipswich Building Society. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over UK. Do we need to have a conveyancer local to us?
• I am in the process of refinancing my flat in Ampthill does my lawyer have to be on the Ipswich Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
• My decree absolute is through as is the consent order. Now I must sort out the transfer of equity at the land registry and the Ipswich Building Society home loan. I have asked Ipswich Building Society for the transfer of equity application. What happens next?
• What if my application doesn't meet Ipswich Building Society lending criteria for a transfer of equity?
• What is the process for having a person removed off the deeds to a property where the home loan is with Ipswich Building Society

Sample of questions in a conveyancing solicitor questionnaire concerning a Ipswich Building Society Transfer of Equity

Important warnings to consider in in addition to the above Ipswich Building Society transfer of equity Advice :

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 Ipswich Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, 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 restrictions 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 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 market value of the property at the time of completion of the transfer of equity conveyancing.

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 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.