Recently asked questions relating to Handelsbanken transfer of equity
- I am are looking to find a dependable conveyancing lawyer to assist in a transfer of equity and remortgage with Handelsbanken. I want to avoid being ripped off and there are various conveyancing firms who do transfer of equity conveyancing out there...who do I opt for?
- When it comes to transfer of equity conveyancing involving refinance with Handelsbanken should I be invoiced VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- My fiance and I have equal shares in a BTL. I am a higher rate tax payer. Preferably I wish to do a transfer of equity to her sole name in order reduce our tax on rental income. If Handelsbanken are fine with this the legal fees are inexpensive. What are the implications when we sell? As I would no longer be on the deeds am I giving up my CGT relief.
- My Handelsbanken mortgage is in joint names with ex, who is agreeable to come off the deeds and let me have the property. Handelsbanken have consented to the transfer of equity to my individual name. Do Handelsbanken get in touch with my company to check my salary?
- I bought a flat with my cousin in 2010 Since then, we have both got married. We are now looking to do a transfer of equity so my name is removed the Handelsbanken mortgage. There is a 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
- Is it possible to transfer the equity held in my property with my Handelsbanken mortgage?
- I am selling my equity in house in Birmingham to my co-owners husband, they are reapplying to Handelsbanken. We are in heated discussion as to who must cover the fees for the transfer of equity. Is this usually shared or is one of us liable for the charges for?
Examples of questions in a lawyer form relating to Handelsbanken Transfer of Equity
Has one of the registered owners passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.
Please list all persons who occupy the property, their respective ages and relationships to you.
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Please give the name(s) and addresse(s) of anyone to be added to the property title?
Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same
Who will be responsible for the costs of the Transfer of Equity?
Important warnings to consider in in addition to the above Handelsbanken 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 Handelsbanken 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 freeholder. 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.
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 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 varies based 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 conveyancing solicitor 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.