Examples of recent questions relating to Hampden transfer of equity

• Me and a friend got a joint mortgage with Hampden on a house about a year ago. I am now thinking of purchasing a house by myself and my friend would like to buy me out. On the basis that we can settle on an amount what are the next steps? Would there be any potential issue with Hampden with him being responsible for the total loan as opposed to only part of it?
• I am in the process of removing a name from a joint mortgage and the Hampden need me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Miles Platting conveyancer to deal with the transfer of equity? They need to be on the Hampden conveyancing panel.
• I co-own a apartment in Blaenavon , with a Hampden mortgage with my ex partner. He and his fiance are going to acquire my share. We had the go ahead from Hampden to substitute my name with hers. The transfer of equity needs to be done by a conveyancing solicitor for Hampden (supposedly). In order to save fees can I deal with the Land Registry formalities?
• Online research suggests that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I need to be transferring equity and simultaneously refinancing with Hampden
• Hampden yesterday agreed I can take over the mortgage on my home. I had applied for a transfer of equity but is this a transfer of ownership of the title deeds in addition?
• Me and my partner jointly own a flat in Rye . Mortgage is with Hampden. I wish to transfer full ownership to him with no exchange of money but without using a lawyer. Do you think this should be straightforward?
• Will I have to pay any charges for a Transfer of Equity where the current mortgage is with Hampden?

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

Information to consider in further 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 premises

If your property is leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger 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 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 conclusion of the transfer of equity conveyancing.

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 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.