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Are you in need of a Transfer of Equity with a Hampden & Co plc mortgage? Failing to check that a lawyer is on the Hampden & Co plc 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.

Hampden transfer of equity: q and a’s

  • What can I do where I am unhappy with the conveyancer who handled our transfer of equity conveyancing?
  • When it comes to transfer of equity conveyancing involving refinance with Hampden should I be invoiced value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • How do I go about adding or subtracting names (transfer of equity) to or from my Hampden mortgage account?
  • I am in the process of removing a name from a joint mortgage and the Hampden require me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Dunnington conveyancing solicitor to deal with the transfer of equity? They need to be on the Hampden conveyancing panel.
  • As things stand I have a joint Hampden mortgage with my step-brother and am investigating the feasibility of him taking on the outstanding mortgage and subtracting myself from it, to enable me to buy somewhere with my fiance. The remaining mortgage is approx 200k, and the property value is about 600k. Is this a transfer of equity? Is land tax involved?
  • Given that we have been a number of years separated I have made the decision to give up my share of our flat to my husband who is refinancing with Hampden. Can a transfer of equity be completed in four weeks?
  • Is it possible to transfer the equity held in my property with my Hampden mortgage?

Sample of information requested in a conveyancer form relating to Hampden 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 give the details of those who jointly own the premises with you?

Please let us know where you are providing any payment for the Transfer of Equity and to whom and specify any such sums?

Please provide a copy of your National Insurance Number?

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

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

General Advice to read in in addition to the above Hampden transfer of equity Advice :

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 Hampden conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such terms are not adhered to 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 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 Hampden 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 Hampden 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 the conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Hampden your property may be repossessed.

Preparing the Transfer of Equity with a Hampden 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 Hampden 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 contained within 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 Hampden transfer of equity