Frequently asked questions relating to Harpenden Building Society transfer of equity
- I am mortgaging my flat in Winchelsea
does my lawyer need to be on the Harpenden Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
- I already have a home loan with Harpenden Building Society and am maintaining my existing mortgaging but wish to have have the equity transferred to my name alone so my former wife will come off the deeds. How long can it take for the paperwork to be processed?
- I am looking for a conveyancer to handle my transfer of equity. Harpenden Building Society have been approached for a refinancing. I considered asking my financial adviser. I am lead to believe he will likely get a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Is my logic misguided?
- My financial adviser has recommended their conveyancing solicitor for my Transfer of Equity plus remortgage with Harpenden Building Society - Surely it’s advisable to just use them?
- My Harpenden Building Society mortgage 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 my individual name. Will Harpenden Building Society contact my employer to confirm my salary?
- I am disposing of my equity in apartment in Woodside to the other co-owners fiance, they are sticking with Harpenden Building Society as the the existing lender. We are haggling as to who should cover the fees for the transfer of equity. Should this be split or is one party liable for the fees for?
- Me and my former husband and I are in the market for a quality conveyancing lawyer to help me sell in a transfer of equity and remortgage with Harpenden Building Society. I I am concerned about being overcharged and there are plenty conveyancing solicitors who do transfer of equity conveyancing to pick from...who's the best?
Examples of questions in a conveyancer questionnaire relating to Harpenden Building Society Transfer of Equity
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?
Where you are adding someone 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.
Has one of the registered owners died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
Please give the name(s) and addresse(s) of anyone to be added to the property title?
Please let us know if you are making any payment for the Transfer of Equity and to whom and notify us any such sums?
Important warnings to consider in supplemental 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 premises
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 terms are not adhered to you may be in breach of the lease. This could trigger 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 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.
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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.
Information contained within 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.