Hanley Economic Building Society transfer of equity example support desk enquires
- Am I best advised stop my mortgage payments with Hanley Economic Building Society once a date for my remortgage and transfer of equity has been agreed?
- Last year purchased a flat without my partner's name on the ownership paperwork. 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 deeds?
- My existing home loan is with Hanley Economic Building Society. Can I transfer equity to someone less than 18 years old?
- Law week I split up with my ex of twenty years. I'm now back with my mum and dad and she wants to stay in the apartment and pay me off. 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 necessary but I really need to be confident that I'm getting I am not being walked over
- I am transferring my share of a apartment in Hendon to the other co-owners fiance, they are sticking with Hanley Economic Building Society as the the existing mortgage company. We are debating as to who should pay the legal bill for the transfer of equity. Should this be split or is one party liable for the charges for?
- Online research suggests that solicitors are more expensive than conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I need to be transferring equity and at the same time refinancing with Hanley Economic Building Society
- My wife and I have 50:50 shares in a BTL. I am a higher rate tax payer. Ideally I would like to complete a transfer of equity into her name with a view to reduce our tax on the letting income. If Hanley Economic Building Society are fine with this the legal fees are inexpensive. However what happens when we sell? As I would no longer be on the title documents would I lose my CGT relief.
Examples of questions in a conveyancer questionnaire relating to Hanley Economic Building Society Transfer of Equity
Is the transfer of equity subject to a court order? If yes please supply a copy
Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?
Please provide a copy of your National Insurance Number?
Can you provide the name(s) and addresse(s) of anyone who jointly owns the property with you?
Have you approached Hanley Economic Building Society to seek consent to the Transfer of Equity
Where you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Information to consider in conjunction with the above Hanley Economic Building Society transfer of equity information :
Tax and Legal
There are numerous potential 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 require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.
If the transfer of equity is made pursuant to 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 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 varies based on the market value of the property at the conclusion of the transfer of equity transaction.
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.