Questions and answers: Hanley Economic Building Society transfer of equity

• My Hanley Economic Building Society mortgage is in joint names with ex, he is agreeable to come off the mortgage and let me have the property. Hanley Economic Building Society have consented to the transfer of equity to my individual name. Do Hanley Economic Building Society call my boss to verify my salary?
• My divorce is through as is the consent order. Now I must address the transfer of equity on title deeds and the Hanley Economic Building Society home loan. I have asked Hanley Economic Building Society for the transfer of equity application. What happens next?
• My current home loan is with Hanley Economic Building Society. Can I transfer equity to someone under 18 years old?
• I am filling out a Hanley Economic Building Society transfer of equity application and have come to the questions that asks about defaults etc. I do some debts that I have been reducing for a number of years, in fact they have long since disappeared from my credit score. Must I declare these?
• Online reading suggests that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I am transferring equity and simultaneously refinancing with Hanley Economic Building Society
• I am looking for a conveyancing solicitor to undertake my transfer of equity. Hanley Economic Building Society are dealing with the remortgage. I considered asking my financial adviser. I understand he may get a kickback for recommending a firm, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic flawed?
• Three years ago I purchased a apartment without my partner's name on the title documents. My advised it is due to the fact that she was not in the mortgage with Hanley Economic Building Society. I'm wondering is there any way that I can add her name on the title?

Sample of questions in a conveyancer form relating to Hanley Economic Building Society Transfer of Equity

Caveats to be read in in addition to the above Hanley Economic Building Society transfer of equity Info :

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 premises

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not complied with 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 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 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 valuation 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 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 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. Lender Panel.com Ltd will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.