LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Harpenden Building Society

Examples of recent questions relating to Harpenden Building Society transfer of equity

  • What should I be budgeting for when it comes to what solicitors fees are for a transfer of equity? I need to transfer equity and refinance - new loan with Harpenden Building Society - and have been quoted Three Hundred pounds plus VAT by Harpenden Building Society's appointed conveyancer, Is this a reasonable price?
  • My divorce is through as is the consent order. Now I have to deal with the transfer of equity for the property and the Harpenden Building Society home loan. I have called Harpenden Building Society for the transfer of equity application. What happens next?
  • I got my Decree Absolute two years ago. For some reason I never dealt with the change the ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Harpenden Building Society is willing to transfer the full equity in my name (affordability checks done). Does my ex need a solicitor?
  • My existing home loan is with Harpenden Building Society. Can I transfer equity to someone less than eighteen years old?
  • My Harpenden Building Society home loan we jointly entered into with ex, who has agreed to be removed and put the house in my name alone. Harpenden Building Society have consented to the transfer of equity to me solely. Do Harpenden Building Society contact my company to check my salary?
  • I already have a home loan with Harpenden Building Society and am keeping my existing mortgaging but wish to have it in my sole name so my former wife won't be on it any longer. How long can it take for the forms to be processed?
  • Can you tell me how to have a person removed from the title documents to a property where the mortgage is with Harpenden Building Society

Questions that your lawyer could ask about 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)

Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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

Please give the details of those who jointly own the property with you?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Information to consider in further to the above Harpenden 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 Harpenden Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is 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 terms are not adhered to 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 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 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 is dependent on the market value of the property at finalisation of the transfer of equity transaction.
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.

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