Examples of recent questions relating to Handelsbanken transfer of equity

• What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Handelsbanken?
• My partner and I co-own a flat in Miles Platting . Mortgage is with Handelsbanken. I would like to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Do you think this should be straightforward?
• Is it possible to transfer the equity held in my property with my Handelsbanken home loan?
• Is there such a thing a transfer of equity stamp duty calculator?
• Taking into account that we have been 2 a couple of years apart I have opted to give up my interest in the flat to my husband who is re-mortgaging with Handelsbanken. Could this transfer of equity be done in less than one month?
• My partner and I equally own a buy to let. I am a higher rate tax payer. Ideally I wish to complete a transfer of equity into her name in order reduce our tax on the letting income. If Handelsbanken are happy with this the legal fees are not high. What are the implications when we sell? As I would no longer be on the deeds would I lose my CGT relief.
• I am trying to find a conveyancing solicitor to undertake my transfer of equity. Handelsbanken are dealing with the refinancing. I thought of asking my mortgage broker. I understand he may get a referral fee for recommending someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic correct?

Questions that your conveyancing solicitor could ask about your Handelsbanken Transfer of Equity

Important warnings to consider in in addition to the above Handelsbanken transfer of equity Questions and Answers :

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 have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of 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 is dependent on the valuation of the property at the time of completion of the transfer of equity conveyancing.

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.

Information contained within 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.