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Hanley Economic Building Society

Frequently asked questions relating to Hanley Economic Building Society transfer of equity

  • Our financial adviser has suggested using their conveyancer for my Transfer of Equity plus remortgage with Hanley Economic Building Society - won’t it be better to just use them?
  • What can I do where I am dissatisfied with the lawyer who undertook my transfer of equity conveyancing?
  • Two years ago I purchased a house without my wife's name on the title. My conveyancer claimed it is because she was not in the mortgage with Hanley Economic Building Society. Is it possible for me to put her name on the title?
  • My fiance and I have equal shares in a investment property. I am a higher rate tax payer. Preferably I would like to do a transfer of equity to her sole name to mitigate tax on the letting income. Assuming Hanley Economic Building Society are content with this the legal fees are inexpensive. However what happens when we sell? As I would no longer be on the deeds am I giving up my CGT relief.
  • My Hanley Economic Building Society home loan we jointly entered into with ex, who is agreeable to come off the deeds and put the house in my name alone. Hanley Economic Building Society have consented to the transfer of equity to me solely. Do Hanley Economic Building Society call my boss to confirm my salary?
  • Will I have to pay any fees for a Transfer of Equity where the existing home loan is with Hanley Economic Building Society?
  • Do I need legal representation when doing a transfer of equity where the mortgage is to remain with Hanley Economic Building Society?

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

Is it the case that one of the registered owners died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Can you give the name(s) and addresse(s) of those who jointly own the premises with you?

Where you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

General Advice to read in supporting 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 premises

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to 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 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 is dependent 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