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Harpenden Building Society

Questions and answers: Harpenden Building Society transfer of equity

  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Harpenden Building Society?
  • What is the process for having someone removed from the deeds to a house where the mortgage is with Harpenden Building Society
  • Will I have to pay any charges for a Transfer of Equity where the existing mortgage is with Harpenden Building Society?
  • When it comes to transfer of equity conveyancing involving a remortgage with Harpenden Building Society should I be invoiced VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • My former wife are planning to get a conveyancer in place for a remortgage with Harpenden Building Society. Transfer of Equity conveyancing is also neededI have used the different comparison based services and the results are from all over UK. How necessary is it to appoint a conveyancing solicitor local to us?
  • I got my Decree Absolute in 2011. I simply never dealt with the transfer 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 content to transfer the full equity in my name (financial checks done). Does she need a solicitor?
  • I recently purchased a apartment without my wife's name on the title documents. My lawyer said it is because she is not in the mortgage with Harpenden Building Society. I'm wondering is there any way that I can put her name on the title?

Information that may be required from your conveyancing solicitor could ask regarding your Harpenden Building Society Transfer of Equity

Who will be responsible for the costs of the Transfer of Equity?

Please provide the name(s) and addresse(s) of those who jointly own the property with you?

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Is the transfer of equity subject to a court order? If yes please supply a copy

Please provide the details of anyone to be extracted from the title deeds?

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

Caveats to be read in supplemental the above Harpenden Building Society transfer of equity Advice :

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, the lease may require that you have a license to do so from the landlord. If such conditions are not strictly observed 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 valuation of the property at the conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Harpenden Building Society.

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 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 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.


Frequently asked questions relating to Harpenden Building Society transfer of equity