Recently asked questions relating to Harpenden Building Society transfer of equity

• I got divorced in 2011. For some reason I never got around to transfer ownership from both our names to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Harpenden Building Society is happy to transfer the full equity in my name (financial checks done). Does my ex need a conveyancer?
• Do I need legal advice when doing a transfer of equity where the home loan is to remain with Harpenden Building Society?
• Harpenden Building Society have just agreed I can take over the home loan on the flat. I have applied for a transfer of equity but presumably there is a transfer of ownership at HMLR in addition?
• Been reviewing online blogs that solicitors are more expensive than conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I need to be transferring equity and at the same time remortgaging with Harpenden Building Society
• Have recently split up with my ex of thirty years. I'm now living with my parents again and she wishes to remain in the apartment and pay me off. What percentage am I entitled to. Is it 50% of the equity after discharging the Harpenden Building Society home loan? I assume proper valuations are necessary but I would like ensure that I'm getting what I am entitled to
• My divorce is through as is the consent order. Now I must deal with the transfer of equity at the HMLR and the Harpenden Building Society mortgage. I have called Harpenden Building Society for the transfer of equity forms. What are my next steps?
• I am disposing of my equity in flat in Birmingham to the other co-owners fiance, they are reapplying to Harpenden Building Society. We are debating as to who must cover the fees for the transfer of equity. Is this normally shared or is one of us liable for the legal bill?

Questions that your conveyancing solicitor may ask in relation to your Harpenden Building Society Transfer of Equity

Caveats to be read in supporting the above Harpenden Building Society transfer of equity information :

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, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach of 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.

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 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.