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Find a Law Firm for your Transfer of Equity approved by
Hanley Economic Building Society

Sample questions relating to Hanley Economic Building Society transfer of equity

  • My partner and myself have equal shares in a buy to let. I am a top rate tax payer. Preferably I would like to complete a transfer of equity to her sole name with a view to mitigate tax on the letting income. Assuming Hanley Economic Building Society are content with this the legal fees are not prohibitive. However what happens when we sell? As I would no longer be on the title documents am I giving up my CGT relief.
  • At what stage do I pay stamp duty due for the transfer of equity in my property in my sole name which is happening at the same time as a switching mortgage via Hanley Economic Building Society?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Hanley Economic Building Society?
  • What is the process for having a person removed off the deeds to a house if the home loan is with Hanley Economic Building Society
  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
  • My Hanley Economic Building Society mortgage is in joint names with ex, who has agreed to come off the mortgage and put the house in my name alone. Hanley Economic Building Society will permit the transfer of equity to me solely. Will Hanley Economic Building Society get in touch with my company to confirm my salary?
  • I am am in need of a conveyancer to deal with my transfer of equity. Hanley Economic Building Society are dealing with the remortgage. I considered asking my financial adviser. I am lead to believe he will likely receive a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Is my logic flawed?

Sample of information requested in a conveyancer form concerning a Hanley Economic Building Society Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Have you approached Hanley Economic Building Society to obtain consent to the Transfer of Equity

Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Please give the details of anyone to be added to the title deeds?

Where 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” Form.

Please provide the details of anyone to be extracted from the title deeds?

Caveats to be read in conjunction with the above Hanley Economic Building Society 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 Hanley Economic Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not complied with you may be in violation 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 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 conveyancing solicitor will check with Hanley Economic Building Society 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 Hanley Economic Building Society 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 finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Hanley Economic Building Society.

Preparing the Transfer of Equity with a Hanley Economic Building Society 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 Hanley Economic Building Society 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 Hanley Economic Building Society transfer of equity