Examples of recent questions relating to Handelsbanken transfer of equity
- I already have a mortgage with Handelsbanken and am maintaining my current mortgaging but seeking to have it in my name alone so my former wife won't be on it any longer. How long does the whole transfer of equity process take?
- I am am in need of a conveyancing solicitor to undertake my transfer of equity. Handelsbanken have been approached for a remortgage. I considered asking my financial adviser. I understand he will likely get a kickback for recommending someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic flawed?
- Will I have to pay any fees for a Transfer of Equity where the existing mortgage is with Handelsbanken?
- Online reading 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 am transferring equity and simultaneously remortgaging with Handelsbanken
- I got divorced in 2011. Foolishly I never dealt with the transfer ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Handelsbanken is happy to transfer the full equity in my name (financial checks done). Does my ex need a conveyancer?
- Law month I split up with my wife of twenty years. I'm now back with my mum and dad and she wants to stay in the property and buy me out. What percentage am I entitled to. Is it half of the equity after redeeming the Handelsbanken home loan? I assume proper valuations are necessary but I would like to be confident that I'm getting I am not being walked over
- I am thinking of mortgaging my flat in Wakefield
does my lawyer have to be on the Handelsbanken Solicitor panel. The conveyancing also involves a transfer of equity.
Sample of questions in a lawyer form relating to Handelsbanken Transfer of Equity
Please give the name(s) and addresse(s) of anyone to be removed from the property title?
Can you give the details of those who jointly own the property with you?
Has consent been obtained from Handelsbanken to the proposed 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?
If 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” Form.
Would you like us to draft you Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?
General Advice to read in supporting the above Handelsbanken transfer of equity Advice :
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 premises
Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not strictly observed you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
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 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 lawyer 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 market value of the property at finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Handelsbanken.
Preparing the Transfer of Equity with a Handelsbanken 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 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 lawyer 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.