Examples of recent questions relating to Harpenden Building Society transfer of equity
- I got my Decree Absolute four years ago. I simply never got around to change the ownership from both our names to just in my name. I am ready to do that and so is she. Transfer-of-equity is needed. Harpenden Building Society is happy to transfer the full equity in my name (financial checks done). Does she need a solicitor?
- Given that we have been 4 years separated I have opted to give up my interest in our house to my husband who is re-mortgaging with Harpenden Building Society. Could this transfer of equity be completed in one month?
- Law week I separated from my partner of twenty years. I'm now living with my parents again and she wishes to remain in the apartment and pay me off. What portion am I entitled to. Is it half of the equity after paying off the mortgage with Harpenden Building Society? I assume proper valuations are required but I really need ensure that I'm getting what I am entitled to
- I am disposing of my equity in flat in Warwick to my co-owners husband, they are sticking with Harpenden Building Society as the the existing mortgage company. We are haggling as to who should pay the charges for the transfer of equity. Should this be shared or is one of us obliged to cover the fees for?
- Harpenden Building Society have just agreed I can take over the mortgage on the house. I had applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds in addition?
- Three years ago I purchased a property without my partner's name on the deeds. My lawyer claimed it is due to the fact that she is not in the mortgage with Harpenden Building Society. I'm wondering is there any way that I can add her name on the deeds?
- Will I incur any charges for a Transfer of Equity where the existing mortgage is with Harpenden Building Society?
Questions that your lawyer is likely to ask regarding your Harpenden Building Society Transfer of Equity
We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)
Have you approached Harpenden Building Society to seek consent to the 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.
Please provide the name(s) and addresse(s) of anyone who jointly owns the property with you?
Who will be responsible for the costs of the Transfer of Equity?
Please give the details of anyone to be removed from the property title?
Caveats to be read in in addition to the above Harpenden 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 Harpenden Building Society conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold titles
Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not complied with you may be in violation of your covenants under 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 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 conveyancer will check with Harpenden 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 Harpenden 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.
If you do not keep up the payments on your mortgage with Harpenden Building Society your property may be repossessed.
Preparing the Transfer of Equity with a Harpenden Building Society Mortgage
When it comes to preparing the the Land Registry documents your conveyancing solicitor should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.
If Harpenden 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.
