Top seven questions relating to Hanley Economic Building Society transfer of equity
- Can I transfer the equity held in my property with my Hanley Economic Building Society home loan?
- I am disposing of my equity in property in Birmingham to the other co-owners husband, they are sticking with Hanley Economic Building Society being the the existing lender. We are debating as to who should pay the fees for the transfer of equity. Should this be shared or is one of us obliged to cover the fees for?
- I am searching for a responsive conveyancing lawyer to assist in a transfer of equity and remortgage with Hanley Economic Building Society. I am aware of the possibility of getting ripped off and there's so many conveyancing firms who do transfer of equity conveyancing out there...who do I opt for?
- I am completing a Hanley Economic Building Society transfer of equity request and have come to the questions regarding debts etc. There are some debts that I have been clearing over a long period, I understand that they no longer remain my credit score. Am I obliged to declare these?
- I plan to remortgage my home in Romsey
changing from Leeds Building Society to Hanley Economic Building Society. The apartment is currently in joint names but intend for it to be in my name only as and when I transfer. My wife is OK with this and is willing to sign a form but neither of us want to incur conveyancing solicitor fees.
- When it comes to transfer of equity conveyancing involving a remortgage with Hanley Economic Building Society should I be paying value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- My partner and I jointly own a property in Littleborough
. Mortgage is with Hanley Economic Building Society. I want to transfer full ownership to him with no passing of money but without using a conveyancer. Is this likely to be simple?
Questions that your conveyancer may ask in relation to your Hanley Economic Building Society Transfer of Equity
Is it the case that one of the registered proprietors passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
Please let us know if you are making any payment for the Transfer of Equity and to whom and specify any such sums?
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?
Please give the name(s) and addresse(s) of anyone to be extracted from the property title?
Please provide the name(s) and addresse(s) of anyone who jointly owns the premises with you?
Would you like us to prepare Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?
General Advice to read in conjunction with the above Hanley Economic Building Society 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 Hanley Economic Building Society conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold titles
If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.
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 conveyancer 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 is dependent on the market value of the property at the time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Hanley Economic Building Society your property may be repossessed.
Preparing the Transfer of Equity with a Hanley Economic Building Society 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 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.
Content 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.