Recently asked questions relating to Hanley Economic Building Society transfer of equity
- What if my application doesn't meet Hanley Economic Building Society lending criteria for a transfer of equity?
- Law month I separated from my partner of 18 years. I'm now back with my mum and dad and she wants to remain in the apartment and buy me out. What percentage am I entitled to. Is it 50% of the equity after discharging the mortgage with Hanley Economic Building Society? I assume proper valuations are required but I would like ensure that I'm getting I am not being walked over
- When it comes to transfer of equity conveyancing involving refinance with Hanley Economic Building Society should I be invoiced value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- I am under the impression we would need at least AP1 and TR1. Is this true?
- I am completing a Hanley Economic Building Society transfer of equity form and have come to the part that asks about defaults etc. There are some debts that I have been clearing since 2007, I understand that they have long since disappeared from my credit records. Am I obliged to disclose these?
- Me and a friend got a joint mortgage with Hanley Economic Building Society on a house about a year ago. I am now looking to get a house by myself and my friend would like to buy me out. On the basis that we can settle on a figure what happens next? Is there likely to be any concerns with Hanley Economic Building Society with him being solely liable for the total mortgage as opposed to only half of it?
- Three years ago I purchased a flat without my fiance’s name on the ownership paperwork. My conveyancing solicitor said 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 deeds?
Examples of information requested in a conveyancer questionnaire relating to Hanley Economic Building Society Transfer of Equity
Has 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..
Please provide the details of anyone to be added to the property title?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please provide the details of anyone who jointly owns the property with you?
Who will be responsible for the costs of the Transfer of Equity?
Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
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 properties
Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger 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 conveyancer 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 valuation 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 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.