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Harpenden Building Society

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

  • I co-own a property in Timperley , with a Harpenden Building Society loan with my ex partner. He and his fiance are going to acquire my share. We had consent from Harpenden Building Society to substitute my name with hers. The transfer of equity has to be completed by a lawyer for Harpenden Building Society (supposedly). In order to save fees can I do the Land Registry formalities?
  • How and when do I cover the costs of the Stamp Duty Land Tax due for the transfer of equity in my property in my sole name which is happening simultaneously with a refinancing via Harpenden Building Society?
  • My former wife are looking to get a conveyancer in place for a remortgage with Harpenden Building Society. Transfer of Equity conveyancing is also requiredI have used the different rating based tools and the results are from all over the country. Do we need to instruct a conveyancing solicitor local to us?
  • Me and a friend got a joint mortgage with Harpenden Building Society on a property about a year ago. I am now thinking of buying a house by myself and my friend would like to buy me out. Once we have agreed a price what happens next? Would there be any potential concerns with Harpenden Building Society with him being on the hook for the total mortgage as opposed to only half of it?
  • I intend to refinance my home in Winchelsea switching from Natwest to Harpenden Building Society. The apartment is jointly owned but propose for it to be in my sole name when I switch. My wife has agreed to this and is happy to transfer equity but neither of us want to get a second conveyancer involved.
  • After three years apart I have opted to give up my interest in the former home to my husband who is re-mortgaging with Harpenden Building Society. Can a transfer of equity be completed in less than four weeks?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Harpenden Building Society?

Questions that your conveyancer is likely to ask in relation to your Harpenden Building Society Transfer of Equity

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

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

Has consent been obtained from Harpenden Building Society to the proposed transfer of equity?

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

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

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

Caveats to be read 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 titles

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in breach of the lease. This could potentially result in 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 cases, 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 time of completion of the transfer of equity conveyancing.
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 lawyer 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 conveyancer 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