LenderPanel.com

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

Top seven questions relating to Harpenden Building Society transfer of equity

  • I acquired a house with my brother in 2008 Since then, we have both got married. We are now looking to do a transfer of equity so my name is removed the Harpenden Building Society mortgage. There is a 40k difference between the value the mortgage company say and what the property would sell for currently. Can you offer any advice?
  • What is the process for adding or subtracting names (transfer of equity) to or from my Harpenden Building Society mortgage account?
  • I jointly own a flat in Blaenavon , with a Harpenden Building Society mortgage with my ex partner. Him and his new partner are going to acquire my share. We had the go ahead from Harpenden Building Society to remove my name with hers. The transfer of equity has to be done by a conveyancer for Harpenden Building Society (supposedly). Is it possible for us to deal with the Land Registry formalities?
  • I am in the market for an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with Harpenden Building Society. I am aware of the chance of getting ripped off and there's various conveyancing practices who do transfer of equity conveyancing out there...how do I know which one is best appoint?
  • I understand we would need at least AP1 and Transfer Deed. Is this true?
  • Can you tell me how to have someone removed off the deeds to a house if the home loan is with Harpenden Building Society
  • I got divorced two years ago. I simply never got around to change the ownership from the current 'joint' status 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 content to transfer the property and loan in my name (affordability checks done). Does my ex need a conveyancer?

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

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

Please provide a copy of your National Insurance Number?

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

Have you approached Harpenden Building Society to obtain consent to the 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

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Information to consider in supplemental 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 properties

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such restrictions 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 lawyer 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 valuation of the property at the time of completion 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 contained within 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