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

• I jointly own a property in Miles Platting , with a Hanley Economic Building Society loan with my former husband. He and his new partner are going to acquire my share. We had the go ahead from Hanley Economic Building Society to substitute my name with hers. The transfer of equity needs to be done by a conveyancer for Hanley Economic Building Society (supposedly). In order to save fees can I do the Land Registry formalities?
• Me and my partner jointly own a house in Romsey . Mortgage is with Hanley Economic Building Society. I would like to transfer full ownership to him with no passing of money but without using a conveyancer. Do you think this should be straightforward?
• My current mortgage is with Hanley Economic Building Society. Can I transfer equity to someone who is not yet eighteen years old?
• I acquired a house with a friend six years ago Since buying the property, we have both got married. We are now looking to do a transfer of equity so my name is taken off the Hanley Economic Building Society mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
• I already have a mortgage with Hanley Economic Building Society and am keeping my current mortgaging but applying to have have the equity transferred to my sole name so my ex will be removed from the title. How long do Hanley Economic Building Society take to process the application?
• Can I transfer the equity held in my property with my Hanley Economic Building Society home loan?
• What should I be budgeting for when it comes to what legal fees are for a transfer of equity? I need to transfer equity and remortgage - new loan with Hanley Economic Building Society - and have been quoted Three Hundred pounds plus VAT by Hanley Economic Building Society's approved conveyancer, Have I been over quoted?

Sample of questions in a conveyancer form concerning a Hanley Economic Building Society Transfer of Equity

Important warnings to consider in supporting 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 properties

If your property is leasehold, provisions in 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 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 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 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 valuation of the property at the conclusion of the transfer of equity transaction.

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 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.