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Hanley Economic Building Society

Examples of recent 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?
  • My brother and I got a joint mortgage with Hanley Economic Building Society on a property a couple of years ago. I am now looking to get a apartment by myself and my friend would like to buy me out. Once we have agreed a figure what happens next? Would there be any potential problem with Hanley Economic Building Society with him being responsible for the total mortgage rather than only part of it?
  • I am selling my equity in house in Warwick to the other co-owners husband, they are reapplying to Hanley Economic Building Society. We are debating as to who must cover the legal bill for the transfer of equity. Is this usually split or is one of us liable for the fees for?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • The mortgage broker has recommended their lawyer for our Transfer of Equity plus remortgage with Hanley Economic Building Society - Surely it’s easier to just use them?
  • Is it sensible to cancel my mortgage payments with Hanley Economic Building Society as soon as a date for my remortgage and transfer of equity has been set?
  • Will I have to pay any charges for a Transfer of Equity where the existing home loan is with Hanley Economic Building Society?

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

Please confirm if you are providing any payment for the Transfer of Equity and to whom and notify us the amount?

Please list all persons who occupy the property, their respective ages and relationships to you.

Have you approached Hanley Economic Building Society to obtain consent to the Transfer of Equity

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Please provide a copy of your National Insurance Number?

General Advice to read in supporting the above Hanley Economic Building Society transfer of equity Info :

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 properties

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach of the lease. This could potentially result in 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 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 time of completion 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 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 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 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