Top seven questions relating to Hanley Economic Building Society transfer of equity
- What can I do where I am unhappy with the lawyer who handled my transfer of equity conveyancing?
- Last year purchased a house without my fiance’s name on the ownership paperwork. My lawyer advised it is due to the fact that she was not in the loan offer with Hanley Economic Building Society. Is it possible for me to put her name on the deeds?
- Law month I separated from my partner of twenty years. I'm now back with my parents again and she wants to stay in the apartment and pay me off. What portion do I get. Is it half of the equity after paying off the Hanley Economic Building Society home loan? I assume proper valuations are necessary but I would like ensure that I'm getting what I am entitled to
- I already have a mortgage with Hanley Economic Building Society and am maintaining my current mortgaging but applying to have it in my name only so my former husband will no longer be on the title. How long can it take for the forms to be processed?
- 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 agreed?
- My Hanley Economic Building Society mortgage we jointly entered into with ex, who has agreed to come off the deeds and put the house in my name alone. Hanley Economic Building Society will permit the transfer of equity to my individual name. Will Hanley Economic Building Society write my boss to confirm my salary?
- I am planning on removing a name from a joint mortgage and the Hanley Economic Building Society need me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Rye
conveyancing solicitor to deal with the transfer of equity? They need to be on the Hanley Economic Building Society conveyancing panel.
Information that may be required from your lawyer may ask about your Hanley Economic Building Society Transfer of Equity
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Who will be responsible for the costs of the Transfer of Equity?
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 to be added to the title deeds?
Can you provide the name(s) and addresse(s) of those who jointly own the property with you?
Is the transfer of equity subject to a court order? If yes please supply a copy
General Advice to read in conjunction with the above Hanley Economic Building Society transfer of equity Questions and Answers :
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 titles
If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. 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.
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 conveyancing solicitor 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 market value of the property at finalisation 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 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 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 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.