Examples of recent questions relating to Hanley Economic Building Society transfer of equity
- My partner and I have equal shares in a BTL. I am a top rate tax payer. Ideally I wish to do a transfer of equity to her sole name with a view to reduce our tax on the letting income. Assuming Hanley Economic Building Society are fine with this the legal fees are not prohibitive. However what happens when we dispose of the property? As I would no longer be on the title documents would I lose my CGT relief.
- Will I incur any charges for a Transfer of Equity where the existing mortgage is with Hanley Economic Building Society?
- Our financial adviser has suggested using their lawyer for my Transfer of Equity plus remortgage with Hanley Economic Building Society - Is it not simpler better to just instruct them?
- My -ex-husband and I are searching for an affordable conveyancing solicitor to help me sell in a transfer of equity and remortgage with Hanley Economic Building Society. I I am fearful of being overcharged and there are plenty conveyancing firms who do transfer of equity conveyancing out there...who's the best?
- My Hanley Economic Building Society mortgage we jointly entered into with ex, who is agreeable to be removed and let me have the property. Hanley Economic Building Society will permit the transfer of equity to me solely. Do Hanley Economic Building Society write my boss to verify my salary?
- Been reviewing consumer forums that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I need to be transferring equity and at the same time switching mortgage with Hanley Economic Building Society
- What if my application doesn't meet Hanley Economic Building Society lending criteria for a transfer of equity?
Examples of information requested in a conveyancing solicitor form relating to Hanley Economic Building Society 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 confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Please give the details of anyone to be removed from the title deeds?
Please give the details of anyone to be added to the property title?
Has one of the registered owners died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..
Is the transfer of equity subject to a court order? If yes please supply a copy
Important warnings to consider in further to the above Hanley Economic Building Society transfer of equity Questions and Answers :
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 premises
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 breach of 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 conclusion of the transfer of equity conveyancing.
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 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.
Information contained within 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.