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Sample questions relating to Handelsbanken transfer of equity

  • Can I transfer the equity held in my property with my Handelsbanken home loan?
  • My divorce is through as is the consent order. Now I must deal with the transfer of equity on title deeds and the Handelsbanken mortgage. I have contacted Handelsbanken for the transfer of equity application. What do I do now?
  • Am I best advised stop the direct debit for my mortgage with Handelsbanken as soon as a date for my remortgage and transfer of equity has been agreed?
  • When it comes to transfer of equity conveyancing involving a remortgage with Handelsbanken should I be paying VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Handelsbanken?
  • I am thinking of refinancing my property in Dunnington does my lawyer need to be on the Handelsbanken Solicitor panel. The conveyancing also involves a transfer of equity.
  • I already have a home loan with Handelsbanken and am keeping my current mortgaging but applying to have have the equity transferred to my name alone so my former partner will no longer be on the mortgage. How long do Handelsbanken take to deal with the application?

Information that may be required from your conveyancer may ask about your Handelsbanken Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Have you approached Handelsbanken to obtain consent to the 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?

Please give the name(s) and addresse(s) of anyone to be extracted from the property title?

Please give the details of anyone who jointly owns the property with you?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

General Advice to read in further to 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 premises

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation 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 pursuant to 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 varies based on the market value of the property at the conclusion 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 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.

Information provided 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