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Frequently asked questions relating to Halifax transfer of equity

  • In 2013 I purchased a apartment without my wife's name on the deeds. My conveyancing solicitor advised it is due to the fact that she was not in the mortgage with Halifax. I'm wondering is there any way that I can put her name on the deeds?
  • Me and my former husband and I are searching for a quality conveyancing lawyer to help me sell in a transfer of equity and remortgage with Halifax. I I am fearful of being overcharged but with various conveyancing firms who do transfer of equity conveyancing to pick from...who do I opt for?
  • My friend and I got a joint mortgage with Halifax on a house a couple of years ago. I am now thinking of purchasing a flat on my own and my friend would like to buy me out. Assuming we can agree a price what happens next? Is there likely to be any problem with Halifax with him being responsible for the total loan rather than only part of it?
  • What if my application doesn't meet Halifax lending criteria for a transfer of equity?
  • Me and my partner co-own a house in Ampthill . Mortgage is with Halifax. I would like to transfer full ownership to him with no passing of money but without using a conveyancer. Is this likely to be easy to so?
  • I currently have a joint Halifax mortgage with my step-brother and am investigating the option of him taking on the whole mortgage and removing myself from it, so as to enable me to purchase somewhere with my soon-to-be-wife. The remaining mortgage is approx 250k, and the property value is in the region 450k. Is this a transfer of equity? Is land tax involved?
  • What is the process for adding or removing names (transfer of equity) to or from my Halifax mortgage account?

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

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

If you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Please give the details of anyone to be extracted from the title deeds?

Would you like us to draft you Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

Is the transfer of equity subject to a court order? If yes please supply a copy

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

General Advice to read in supplemental the above Halifax transfer of equity Info :

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 premises

If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach of 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 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.
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 conveyancing solicitor 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information provided on 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.


Frequently asked questions relating to Halifax transfer of equity