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Hampden

Sample questions relating to Hampden transfer of equity

  • Am I best advised cancel my mortgage payments with Hampden once a date for my remortgage and transfer of equity has been set?
  • How and when do I incur the Stamp Duty Land Tax due for the transfer of equity in my property in my name alone which is happening at the same time as a remortgage with Hampden?
  • I am remortgaging my home in Romsey does my lawyer have to be on the Hampden Solicitor panel. The conveyancing also involves a transfer of equity.
  • Me and my partner co-own a flat in Winchelsea . Home loan is with Hampden. I would like to transfer full ownership to him with no payment of money but without using a conveyancer. Is this likely to be easy to so?
  • Law month I split up with my ex of thirty years. I'm now living with my mum and dad and she wants to remain in the apartment and buy me out. What percentage am I entitled to. Is it half of the equity after redeeming the Hampden home loan? I assume proper valuations are required but I would like to be confident that I'm getting what I am entitled to
  • I am answering a Hampden transfer of equity application and have arrived at the part that asks about debts etc. I do some debts that I have been clearing since 2009, in fact they have long since disappeared from my credit score. Must I set these out?
  • My financial adviser has recommended their conveyancer for my Transfer of Equity plus remortgage with Hampden - Surely it’s advisable to just instruct them?

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

Where 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 provide a copy of your National Insurance Number?

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

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

Please list all persons who occupy the property, their respective ages and relationships to you.

Would you like us to prepare Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

Caveats to be read in conjunction with the above Hampden transfer of equity Questions and Answers :

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 require 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 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 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 is dependent on the valuation of the property at the conclusion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Hampden.

Preparing the Transfer of Equity with a Hampden Mortgage

When it comes to preparing the the Land Registry documents your lawyer 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.

Content 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 Hampden transfer of equity