Halifax transfer of equity example support desk enquires

• My friend and I got a joint mortgage with Halifax on a flat about a year ago. I am now looking to get a house by myself and my friend would like to buy me out. Once we have agreed a price where do we go? Would there be any potential concerns with Halifax with him being solely liable for the total loan as opposed to only part of it?
• Halifax have today agreed I can take over the mortgage on my home. I have applied for a transfer of equity but is this a transfer of ownership at the Land Registry on top?
• I am hoping to remortgage my maisonette in Heathfield changing from HSBC to Halifax. The maisonette is jointly owned but wish for it to be in my sole name when I transfer. My former partner is OK with this and is happy to sign a form but neither of us want to get a second conveyancing solicitor involved.
• I am planning on removing a name from a joint mortgage and the Halifax require me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Sedgefield conveyancing solicitor to deal with the transfer of equity? They need to be on the Halifax conveyancing panel.
• I got my Decree Absolute in 2012. I simply never got around to transfer ownership from the current 'joint' status to my sole name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Halifax is willing to transfer the full equity in my name (financial checks done). Does my ex need a conveyancer?
• In 2013 I bought a apartment without my partner's name on the deeds. My conveyancing solicitor advised it is due to the fact that she was not in the loan offer with Halifax. Is it possible for me to put her name on the documents at HM Land Registry?
• Is it possible to apply to borrow more money from Halifax as part of a Transfer of Equity?

Information that may be required from your conveyancing solicitor may ask in relation to your Halifax Transfer of Equity

General Advice to read in further to 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 properties

If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in violation 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 conveyancing solicitor 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 varies based on the valuation of the property at finalisation of the transfer of equity conveyancing.

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.