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Are you in need of a Transfer of Equity with a Halifax mortgage? Failing to check that a lawyer is on the Halifax list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Top seven questions relating to Halifax transfer of equity

  • My former husband are planning to get a conveyancer lined up for a new mortgage with Halifax. Transfer of Equity conveyancing is also requiredI have used the different rating based services and the results are from all over England and Wales. How necessary is it to appoint a conveyancing solicitor local to us?
  • Halifax have just agreed I can take over the home loan on the house. I previously applied for a transfer of equity but is this a transfer of ownership of the title deeds on top?
  • I am are looking to find an affordable conveyancing lawyer to help me sell in a transfer of equity and remortgage with Halifax. I am aware of the chance of getting ripped off but with so many conveyancing practices who do transfer of equity conveyancing to pick from...who do I opt for?
  • Having been three years apart I have made the decision to give up my interest in our house to my husband who is re-mortgaging with Halifax. Could this transfer of equity be done in 28 days?
  • I plan to remortgage my apartment in Friern Barnet changing from Barnsley BS to Halifax. The flat is currently in joint names but propose for it to be in my name only as and when I remortgage. My former partner has agreed to this and is willing to transfer equity but neither of us want to incur conveyancing solicitor charges.
  • I am remortgaging my property in Littleborough does my lawyer need to be on the Halifax Conveyancing panel. The conveyancing also involves a transfer of equity.
  • What is the process for having a person removed off the title documents to a house if the home loan is with Halifax

Information that may be required from your conveyancer may ask regarding your Halifax Transfer of Equity

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

Would you like us to prepare Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Who will be responsible for the costs of the Transfer of Equity?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Please list all persons who occupy the property, their respective ages and relationships to you.

Information to consider in supporting the above Halifax transfer of equity Questions and Answers :

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 Halifax conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may require 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 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 conveyancer will check with Halifax 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 Halifax 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 is dependent on the market value of the property at finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Halifax your property may be repossessed.

Preparing the Transfer of Equity with a Halifax 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 Halifax 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 conveyancer 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.


Frequently asked questions relating to Halifax transfer of equity