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Halifax transfer of equity: q and a’s

  • Me and my partner jointly own a property in Ampthill . Mortgage is with Halifax. I want to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be easy to so?
  • Is it possible to apply to request more money from Halifax as part of a Transfer of Equity?
  • I am hoping to remortgage my flat in Rye moving from Santander to Halifax. The apartment is currently in joint names but I would like it to be in my sole name once I remortgage. My husband has agreed to this and is willing to sign a form but neither of us want to get a second conveyancer involved.
  • Three years ago I purchased a flat without my partner's name on the title documents. My lawyer claimed it is because she was not in the loan offer with Halifax. I'm wondering is there any way that I can add her name on the deeds?
  • Halifax have today 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 of the house in addition?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • My Halifax home loan is in joint names with ex, who has agreed to come off the mortgage and let me have the property. Halifax will permit the transfer of equity to me solely. Will Halifax write my employer to check my salary?

Questions that your lawyer may ask about your Halifax Transfer of Equity

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

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Have you approached Halifax to obtain consent to the Transfer of Equity

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

Can you provide the name(s) and addresse(s) of those who jointly own the premises with you?

Has one of the registered proprietors died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Caveats to be read in in addition to the above Halifax 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 Halifax 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 require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in violation 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 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 valuation of the property at finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Halifax.

Preparing the Transfer of Equity with a Halifax 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 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.

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.


Frequently asked questions relating to Halifax transfer of equity