Hanley Economic Building Society transfer of equity: q and a’s

• I am completing a Hanley Economic Building Society transfer of equity request and have come to the part that asks about debts etc. I do some debts that I have been discharging over a long period, in fact they have long since disappeared from my credit score. Do I need to disclose these?
• How much the typical legal costs are for a transfer of equity? I'm in the process of remortgaging - new loan with Hanley Economic Building Society - and have been quoted £250 plus VAT by Hanley Economic Building Society's appointed lawyer, Is this is a good price or not?
• I am thinking of mortgaging my house in Timperley does my lawyer need to be on the Hanley Economic Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
• My brother and I got a joint mortgage with Hanley Economic Building Society on a apartment about a year ago. I am now thinking of buying a house by myself and my friend would like to buy me out. Assuming we can agree a figure what happens next? Is there likely to be any issue with Hanley Economic Building Society with him being on the hook for the total loan rather than only half of it?
• Been looking at online blogs that solicitors are more expensive than conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I am transferring equity and simultaneously switching mortgage with Hanley Economic Building Society
• Will I have to pay any fees for a Transfer of Equity where the existing mortgage is with Hanley Economic Building Society?
• Taking into account that we have been a number of years apart I have made the decision to relinquish up my interest in the apartment to my husband who is refinancing with Hanley Economic Building Society. Could this transfer of equity be completed within 28 days?

Sample of information requested in a conveyancing solicitor form relating to Hanley Economic Building Society Transfer of Equity

Information to consider in further to the above Hanley Economic Building Society transfer of equity Info :

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, 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 strictly observed 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 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 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 the conclusion of the transfer of equity conveyancing.

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 conveyancer 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.