Frequently asked questions relating to Handelsbanken transfer of equity
- My former wife are planning to get a lawyer lined up for a new mortgage with Handelsbanken. Transfer of Equity conveyancing is also neededI have used the different rating based services and the results are from all over UK. How necessary is it to instruct a conveyancer local to us?
- 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 where I am transferring equity and at the same time switching mortgage with Handelsbanken
- Have recently separated from my ex of 18 years. I'm now back with my parents again and she wishes to stay in the apartment and buy me out. What percentage am I entitled to. Is it 50% of the equity after discharging the mortgage with Handelsbanken? I assume proper valuations are required but I would like ensure that I'm getting I am not being walked over
- My partner and I co-own a flat in Romsey
. Home loan is with Handelsbanken. I would like to transfer full ownership to him with no exchange of money but without using a lawyer. Do you think this should be easy to so?
- How much the typical legal fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Handelsbanken - and have been quoted £350 plus VAT by Handelsbanken's appointed conveyancing solicitor, Have I been over quoted?
- I am disposing of my equity in flat in Woodside to the other co-owners husband, they are sticking with Handelsbanken being the the existing mortgage company. We are in heated discussion as to who should pay the costs of the transfer of equity. Should this be shared or is one party liable for the fees for?
- I am filling out a Handelsbanken transfer of equity form and have arrived at the part that asks about debts etc. There are some debts that I have been reducing for a number of years, in fact they have long since disappeared from my credit score. Am I obliged to set these out?
Sample of information requested in a conveyancer form concerning a Handelsbanken Transfer of Equity
Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Please give the name(s) and addresse(s) of anyone to be added to the title deeds?
Who will be responsible for the costs of the Transfer of Equity?
Please provide the details of anyone to be extracted from the property title?
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 give details of the amount?
Important warnings to consider in supplemental the above Handelsbanken 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 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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under 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 the conclusion 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 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.
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.