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Hanley Economic Building Society

Examples of recent questions relating to Hanley Economic Building Society transfer of equity

  • In 2012 I bought a apartment without my fiance’s name on the title documents. My conveyancer claimed it is because she is not in the mortgage with Hanley Economic Building Society. Is it possible for me to add her name on the deeds?
  • Me and my former wife and I are in the market for a value for money conveyancing solicitor to assist in a transfer of equity and refinance with Hanley Economic Building Society. I am aware of the possibility of getting ripped off and there's many conveyancing organisations who do transfer of equity conveyancing to pick from...who do I opt for?
  • I understand we would need at least AP1 and Transfer Deed. Is this true?
  • I already have a home loan with Hanley Economic Building Society and am maintaining my existing mortgaging but seeking to have have the equity transferred to my name alone so my former husband will be removed from the mortgage. How long can it take for the paperwork to be processed?
  • I am selling my equity in house in Woodside to my co-owners fiance, they are sticking with Hanley Economic Building Society as the the existing mortgage company. We are debating as to who must pay the costs of the transfer of equity. Should this be shared or is one party liable for the legal bill?
  • My former wife are looking to get a conveyancing solicitor lined up for a refinance with Hanley Economic Building Society. Transfer of Equity conveyancing is also requiredI have used the different rating based tools and the results are from all over UK. Is it important to instruct a conveyancer local to us?
  • My mum died half a year ago leaving a unencumbered bungalow to me and my brother equally. He has always lived in the property, there was a clause in her will specifying that the housecould not be sold for 24 months following her death so he could continue to live there for a prescribed period. He now wishes to remain in the premises beyond the specified period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a home loan in the conventional way to purchase my equity?

Questions that your conveyancing solicitor is likely to ask in relation to your Hanley Economic Building Society Transfer of Equity

Please give the details of anyone to be removed 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.

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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?

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

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

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

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and 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.

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 time of completion 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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within 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