Sample questions relating to Hanley Economic Building Society transfer of equity
- I am trying to find a conveyancer to deal with my transfer of equity. Hanley Economic Building Society are dealing with the refinancing. I thought of asking my financial adviser. I understand he may receive a referral fee for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Is my logic misguided?
- Online research suggests that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I am transferring equity and at the same time remortgaging with Hanley Economic Building Society
- I already have a home loan with Hanley Economic Building Society and am keeping my existing mortgaging but seeking to have have the equity transferred to my sole name so my ex won't be on it any longer. How long does the whole transfer of equity process take?
- What are my options where I am unhappy with the conveyancer who undertook my transfer of equity conveyancing?
- Have recently split up with my partner of twenty years. I'm now living with my mum and dad and she wishes to stay in the flat and buy me out. What percentage am I entitled to. Is it 50% of the equity after redeeming the mortgage with Hanley Economic Building Society? I assume proper valuations are required but I would like ensure that I'm getting what I am entitled to
- My father died early last year leaving a mortgage-free bungalow to me and my brother 50:50. He has always lived in the property, there was a clause in the will saying the premisescould not be sold for 2 years following her death so he could remain there for a while. He now wants to remain in the property beyond the specified period. We have considered a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a mortgage in the traditional way to buy my half from me?
- I co-own a apartment in Winchelsea
, with a Hanley Economic Building Society loan with my ex husband. He and his new partner are going to buy me out. We had consent from Hanley Economic Building Society to substitute my name with hers. The transfer of equity needs to be completed by a conveyancer for Hanley Economic Building Society (supposedly). Can we do the Land Registry formalities?
Sample of information requested in a conveyancing solicitor form concerning a Hanley Economic Building Society Transfer of Equity
Have you approached Hanley Economic Building Society to obtain consent to the Transfer of Equity
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)?
Is it the case that one of the registered proprietors died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
Who will be responsible for the costs of the Transfer of Equity?
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 list all persons who occupy the property, their respective ages and relationships to you.
General Advice to read in in addition to 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
Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger 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 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 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 lawyer 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 conveyancing solicitor 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.