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Hampden

Questions and answers: Hampden transfer of equity

  • What is the process for having someone removed from the deeds to a house if the mortgage is with Hampden
  • 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 conveyancing. Can you recommend a reasonably priced Ampthill conveyancing solicitor to deal with the transfer of equity? They need to be on the Hampden conveyancing panel.
  • Me and my partner co-own a house in Littleborough . Mortgage is with Hampden. I wish to transfer full ownership to him with no passing of money but without using a conveyancer. Is this likely to be easy to so?
  • My Hampden mortgage is in joint names with ex, he has agreed to come off the mortgage and put the house in my name alone. Hampden will permit the transfer of equity to my individual name. Do Hampden call my boss to check my salary?
  • Am I best advised stop my mortgage payments with Hampden once a date for my remortgage and transfer of equity has been set?
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Hampden mortgage account?
  • My existing mortgage is with Hampden. Can I transfer equity to someone less than 18 years old?

Questions that your conveyancing solicitor may ask in relation to your Hampden Transfer of Equity

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

We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)

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

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

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

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

Important warnings to consider in in addition to the above Hampden 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 Hampden conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of 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 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 conveyancer 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 time of completion of the transfer of equity conveyancing.
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 conveyancer 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 conveyancer 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 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 Hampden transfer of equity