Examples of recent questions relating to Hanley Economic Building Society transfer of equity
- My divorce has gone through as is the consent order. Now I have to sort out the transfer of equity at the land registry and the Hanley Economic Building Society home loan. I have contacted Hanley Economic Building Society for the transfer of equity application. What happens next?
- My fiance and myself have equal shares in a investment property. I am a higher rate tax payer. Preferably I would like to do a transfer of equity into her name in order reduce our tax on rental income. If Hanley Economic Building Society are happy with this the legal fees are not prohibitive. What are the implications when we dispose of the property? As I would no longer be on the title documents am I giving up my CGT relief.
- Been looking at consumer blogs that solicitors are more expensive than licensed 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 remortgaging with Hanley Economic Building Society
- My mortgage broker has suggested using their lawyer for my Transfer of Equity plus remortgage with Hanley Economic Building Society - Is it not simpler advisable to just use them?
- My current home loan is with Hanley Economic Building Society. Can I transfer equity to someone less than 18 years old?
- Me and my former partner and I are searching for a responsive conveyancing lawyer to help me sell in a transfer of equity and refinance with Hanley Economic Building Society. I I am concerned about by bill escalating out of control but with various conveyancing firms who do transfer of equity conveyancing out there...how do I know which is best select?
- I already have a mortgage with Hanley Economic Building Society and am retaining my existing mortgaging but wish to have it in my name alone so my ex won't be on it any longer. How long do Hanley Economic Building Society take to process the application?
Examples of questions in a lawyer questionnaire concerning a Hanley Economic Building Society Transfer of Equity
If you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Have you approached Hanley Economic Building Society to obtain consent to the Transfer of Equity
Please provide a copy of your National Insurance Number?
Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?
Is there to be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what amounts
Is the transfer of equity subject to a court order? If yes please supply a copy
Caveats to be read in supplemental 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 premises
Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. 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.
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 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.
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 conveyancing solicitor 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 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. 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.