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Handelsbanken

Top seven questions relating to Handelsbanken transfer of equity

  • I am thinking of remortgaging my house in Crabtree does my lawyer have to be on the Handelsbanken Solicitor panel. The conveyancing also involves a transfer of equity.
  • Can you tell me how to have someone removed from the title documents to a house where the mortgage is with Handelsbanken
  • Can I apply to request a further advance from Handelsbanken as part of a Transfer of Equity?
  • I am planning on removing a name from a joint mortgage and the Handelsbanken require me to use a conveyancing solicitor to carry out the paperwork. Can you recommend a reasonably priced Timperley conveyancer to deal with the transfer of equity? They need to be on the Handelsbanken conveyancing panel.
  • My mother died seven months ago leaving a unencumbered property to me and my half brother in equal shared. He has always lived in the house, there was a provision in her will specifying that the housecould not be sold for 24 months following her death so he could reside there for a specified time frame. He now wishes to remain in the house beyond the specified period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the traditional way to buy my half from me?
  • In 2009 I purchased a flat without my partner's name on the deeds. My lawyer said it is because she is not in the mortgage with Handelsbanken. Is it possible for me to add her name on the documents at HM Land Registry?
  • Will I incur any fees for a Transfer of Equity where the existing home loan is with Handelsbanken?

Information that may be required from your lawyer may ask in relation to your Handelsbanken Transfer of Equity

If you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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

Have you approached Handelsbanken to obtain consent to the Transfer of Equity

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

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Is it the case that one of the registered proprietors passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

General Advice to read in supporting the above Handelsbanken transfer of equity information :

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

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in 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 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 varies based on the valuation 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 lawyer 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.

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.


Frequently asked questions relating to Handelsbanken transfer of equity