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Hampden

Examples of recent questions relating to Hampden transfer of equity

  • 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 house as well?
  • I am transferring my share of a property in Hendon to the other co-owners fiance, they are reapplying to Hampden. We are haggling as to who must cover the charges for the transfer of equity. Is this usually shared or is one of us liable for the charges for?
  • My former wife are planning to get a lawyer lined up for a remortgage with Hampden. Transfer of Equity conveyancing is also neededI have used the different comparison based services and the results are from all over the country. Do we need to have a conveyancer local to us?
  • I jointly own a property in Littleborough , with a Hampden mortgage with my ex husband. He and his fiance are going to acquire my share. We had consent from Hampden to replace my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Hampden (apparently). In order to save fees can I deal with the Land Registry change?
  • I am answering a Hampden transfer of equity application and have come to the part concerning debts etc. I do some debts that I have been clearing for a number of years, in fact they no longer remain my credit rating. Must I reveal these?
  • My partner and myself have equal shares in a investment property. I am a top rate tax payer. Preferably I wish to do a transfer of equity into her name with a view to mitigate tax on rental income. Assuming Hampden are content with this the legal fees are inexpensive. What are the implications when we sell? Would my GGT relief be lost.
  • What do I need to do when it comes adding or removing names (transfer of equity) to or from my Hampden mortgage account?

Sample of questions in a conveyancing solicitor questionnaire relating to Hampden Transfer of Equity

Please inform us if you are providing any payment for the Transfer of Equity and to whom and notify us any such sums?

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

Please provide a copy of your National Insurance Number?

Where you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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

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

General Advice to read in further 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 properties

If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in breach 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 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 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 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 provided 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