Harpenden Building Society transfer of equity example support desk enquires
- My partner and I jointly own a house in Wakefield
. Mortgage is with Harpenden Building Society. I want to transfer full ownership to him with no passing of money but without using a conveyancer. Is this likely to be easy to so?
- I plan to remortgage my apartment in Blaenavon
moving from Santander to Harpenden Building Society. The home is currently in joint names but intend for it to be in my name only once I transfer. My wife has agreed to this and is happy to transfer equity but neither of us want to incur conveyancing solicitor charges.
- I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
- I am planning on removing a name from a joint mortgage and the Harpenden Building Society need me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Winchelsea
conveyancer to deal with the transfer of equity? They need to be on the Harpenden Building Society conveyancing panel.
- Me and my former husband and I are searching for an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with Harpenden Building Society. I I am concerned about appointing the wrong one but with plenty conveyancing practices who do transfer of equity conveyancing to choose from...how do I know which one is best select?
- My decree absolute is through as is the consent order. Now I have to sort out the transfer of equity for the property and the Harpenden Building Society home loan. I have contacted Harpenden Building Society for the transfer of equity application. What happens next?
- I got my Decree Absolute in 2010. I simply never got around to change the ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Harpenden Building Society is willing to transfer the property and loan in my name (affordability checks done). Does she need any legal representation?
Information that may be required from your conveyancer could ask regarding your Harpenden Building Society Transfer of Equity
We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)
Who will be responsible for the costs of the Transfer of Equity?
Please provide the name(s) and addresse(s) of anyone to be added to the property title?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
If you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please list all persons who occupy the property, their respective ages and relationships to you.
Important warnings to consider in further to the above Harpenden Building Society transfer of equity Info :
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 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 freeholder. If such conditions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 conveyancer 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 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.