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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.

Questions and answers: Hampden transfer of equity

  • When it comes to transfer of equity conveyancing involving a remortgage with Hampden should I be invoiced VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • What if my application doesn't meet Hampden lending criteria for a transfer of equity?
  • My decree absolute has gone through as is the consent order. Now I need to address the transfer of equity at the HMLR and the Hampden home loan. I have called Hampden for the transfer of equity application. What happens next?
  • My Hampden home loan we jointly entered into with ex, he is agreeable to come off the mortgage and let me have the property. Hampden will permit the transfer of equity to my individual name. Do Hampden call my boss to confirm my salary?
  • I am disposing of my equity in house in Hendon to my co-owners fiance, they are reapplying to Hampden. We are haggling as to who must pay the costs of the transfer of equity. Is this usually shared or is one party liable for the legal bill?
  • My ex are planning to get a conveyancing solicitor in place for a remortgage with Hampden. Transfer of Equity conveyancing is also neededI have used the different rating based tools and the results are from all over England and Wales. Do we need to instruct a conveyancing solicitor local to us?
  • As things stand I have a joint Hampden mortgage with my brother and am investigating the feasibility of him assuming responsibility for the whole mortgage and extracting myself from it, so as to enable me to purchase a place with my soon-to-be-wife. The remaining mortgage is about 175k, and the property value is about 600k. Is this a transfer of equity? Is stamp duty involved?

Examples of information requested in a conveyancing solicitor questionnaire concerning a Hampden Transfer of Equity

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 proprietors passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Please provide the details of anyone to be added to the property title?

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

Important warnings to consider in supplemental 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

Should the tenure of your property be leasehold, provisions in 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 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 lawyer 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 market value of the property at the time of completion 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 conveyancing solicitor 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 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