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Hanley Economic Building Society

Are you in need of a Transfer of Equity with a Hanley Economic Building Society mortgage? Failing to check that a lawyer is on the Hanley Economic Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Common questions relating to Hanley Economic Building Society transfer of equity

  • I am completing a Hanley Economic Building Society transfer of equity request and have come to the part regarding defaults etc. There are some debts that I have been reducing for a number of years, in fact they have long since disappeared from my credit rating. Do I need to set these out?
  • My partner and I jointly own a BTL. I am a higher rate tax payer. Preferably 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 not high. However what happens when we sell? As I would no longer be on the deeds am I giving up my CGT relief.
  • Is there such a thing a transfer of equity stamp duty calculator?
  • What do I do if I am unhappy with the lawyer who handled my transfer of equity conveyancing?
  • What is the process for adding or subtracting names (transfer of equity) to or from my Hanley Economic Building Society mortgage account?
  • Am I best advised stop the direct debit for my mortgage with Hanley Economic Building Society as soon as a date for my remortgage and transfer of equity has been set?
  • My friend and I got a joint mortgage with Hanley Economic Building Society on a flat in 2013. I am now looking to get a apartment by myself and my friend would like to buy me out. Once we have agreed an amount what happens next? Would there be any potential issue with Hanley Economic Building Society with him being on the hook for the total loan as opposed to only part of it?

Information that may be required from your conveyancer is likely to ask regarding your Hanley Economic Building Society Transfer of Equity

Who will be responsible for the costs of the Transfer of Equity?

Please give the details of anyone to be extracted from the property title?

Has one of the registered owners died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Would you like us to draw up a Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

Has consent been obtained from Hanley Economic Building Society to the proposed transfer of equity?

Where you are adding a person 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.

Caveats to be read in supporting the above Hanley Economic Building Society transfer of equity Advice :

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

If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from 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 as a result of 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 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 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 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.


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