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Handelsbanken

Sample questions relating to Handelsbanken transfer of equity

  • I currently have a joint Handelsbanken mortgage with my cousin and am looking into the option of him taking on the whole mortgage and extracting myself from it, so as to enable me to purchase a property with my fiance. The remaining mortgage is about 250k, and the property value is approx 600k. Is this a transfer of equity? Is stamp duty payable?
  • What do I do if I am dissatisfied with the conveyancer who conducted our transfer of equity conveyancing?
  • My decree absolute is through as is the consent order. Now I need to address the transfer of equity on title deeds and the Handelsbanken mortgage. I have asked Handelsbanken for the transfer of equity application. What happens next?
  • Will I have to pay any charges for a Transfer of Equity where the existing mortgage is with Handelsbanken?
  • I co-own a apartment in Crabtree , with a Handelsbanken mortgage with my ex husband. Him and his fiance are going to acquire my share. We had consent from Handelsbanken to replace my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Handelsbanken (supposedly). Can we do the Land Registry change?
  • Can I apply to borrow more money from Handelsbanken as part of a Transfer of Equity?
  • I am mortgaging my house in Littleborough does my lawyer need to be on the Handelsbanken Solicitor panel. The conveyancing also involves a transfer of equity.

Sample of questions in a lawyer form concerning a Handelsbanken Transfer of Equity

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

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Is it the case that one of the registered proprietors died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

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

Please provide the name(s) and addresse(s) of those who jointly own the property with you?

Caveats to be read in supporting the above Handelsbanken 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 Handelsbanken conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger 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 conveyancer will check with Handelsbanken 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 Handelsbanken 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 time of completion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Handelsbanken your property may be repossessed.

Preparing the Transfer of Equity with a Handelsbanken 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 Handelsbanken 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 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 Handelsbanken transfer of equity