LenderPanel.com

Find a Law Firm approved by
Halifax

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.

Questions and answers: Halifax transfer of equity

  • I understand we would need at least AP1 and Transfer Deed. Is this true?
  • I intend to remortgage my home in Ampthill switching from Nationwide to Halifax. The flat is jointly owned but intend for it to be in my name only once I switch. My wife is OK with this and is willing to transfer equity but neither of us want to incur conveyancing solicitor charges.
  • Is there such a thing a transfer of equity stamp duty calculator?
  • What can I do where I am not happy with the conveyancing solicitor who handled my transfer of equity conveyancing?
  • I am in the process of removing a name from a joint mortgage and the Halifax need me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Romsey lawyer to deal with the transfer of equity? They need to be on the Halifax conveyancing panel.
  • What is the process for adding or subtracting names (transfer of equity) to or from my Halifax mortgage account?
  • My former husband are looking to get a conveyancing solicitor in place for a remortgage with Halifax. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over UK. Do we need to instruct a conveyancer local to us?

Examples of questions in a lawyer questionnaire relating to Halifax Transfer of Equity

Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

Please give the name(s) and addresse(s) of anyone to be added to the property title?

Has one of the registered proprietors died? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

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

Please provide the name(s) and addresse(s) of anyone to be removed from the property title?

Please clarify where you are making any payment for the Transfer of Equity and to whom and disclose the amount?

Important warnings to consider in supplemental the above Halifax transfer of equity information :

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 Halifax conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be 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 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 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 market value of the property at the time of completion 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 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 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 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