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Are you in need of a Transfer of Equity with a Handelsbanken mortgage? Failing to check that a lawyer is on the Handelsbanken list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Common questions relating to Handelsbanken transfer of equity

  • I currently have a joint Handelsbanken mortgage with my step-brother and am investigating the feasibility of him assuming responsibility for the whole mortgage and subtracting myself from it, to enable me to purchase a property with my soon-to-be-wife. The remaining mortgage is about 175k, and the property value is approx 500k. Is this a transfer of equity? Is stamp duty due?
  • I am disposing of my equity in apartment in Hendon to the other co-owners husband, they are sticking with Handelsbanken being the the existing mortgage company. We are haggling as to who must pay the legal bill for the transfer of equity. Should this be shared or is one of us liable for the costs of?
  • What is the process for adding or subtracting names (transfer of equity) to or from my Handelsbanken mortgage account?
  • Can you tell me how to have a person removed off the deeds to a property where the home loan is with Handelsbanken
  • Handelsbanken have just agreed I can take over the home loan on my home. I had applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds as well?
  • My current home loan is with Handelsbanken. Can I transfer equity to someone less than eighteen years old?
  • What are my options where I am unhappy with the conveyancer who carried out my transfer of equity conveyancing?

Questions that your conveyancer could ask about your Handelsbanken Transfer of Equity

Can you give the details of those who jointly own the property with you?

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?

If 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 confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Please clarify if you are making any payment for the Transfer of Equity and to whom and specify the amount?

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

Caveats to be read in further to 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 titles

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in breach of the lease. This could trigger 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 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 valuation of the property at the conclusion of the transfer of equity conveyancing.
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 lawyer 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 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.


Frequently asked questions relating to Handelsbanken transfer of equity