Suffolk Building Society transfer of equity example support desk enquires

• I already have a mortgage with Suffolk Building Society and am maintaining my current mortgaging but applying to have have the equity transferred to my sole name so my ex won't be on it any longer. How long does the whole transfer of equity process take?
• I am considering refinancing my property in Ampthill does my lawyer need to be on the Suffolk Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
• My mortgage broker has suggested using their lawyer for the Transfer of Equity plus remortgage with Suffolk Building Society - Is it not simpler advisable to just instruct them?
• Been looking at online blogs that solicitors are more expensive than conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I am transferring equity and simultaneously remortgaging with Suffolk Building Society
• I currently have a joint Suffolk Building Society mortgage with my step-brother and am looking into the feasibility of him taking on the whole mortgage and removing myself from it, to enable me to purchase a property with my fiance. The remaining mortgage is about 300k, and the property value is approx 450k. Is this a transfer of equity? Is stamp duty payable?
• Me and my former wife and I are searching for an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with Suffolk Building Society. I I am fearful of appointing the wrong one and there's so many conveyancing firms who do transfer of equity conveyancing to choose from...who do I opt for?
• My brother and I got a joint mortgage with Suffolk Building Society on a apartment about a year ago. I am now thinking of purchasing a property by myself and my friend would like to buy me out. Once we have agreed an amount what happens next? Is there likely to be any concerns with Suffolk Building Society with him being solely liable for the total mortgage rather than only half of it?

Sample of information requested in a conveyancing solicitor form concerning a Suffolk Building Society Transfer of Equity

Important warnings to consider in supporting the above Suffolk Building Society transfer of equity Questions and Answers :

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 require that you have a license to do so from the freeholder. If such conditions are not strictly observed you may be in breach of 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 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 lawyer 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 finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a Suffolk 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 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 contained within 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.