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Harpenden Building Society

Harpenden Building Society transfer of equity example support desk enquires

  • I jointly own a flat in Ampthill , with a Harpenden Building Society mortgage with my ex husband. Him and his new partner are going to acquire my share. We had the go ahead from Harpenden Building Society to substitute my name with hers. The transfer of equity needs to be done by a conveyancer for Harpenden Building Society (supposedly). Is it possible for us to deal with the Land Registry change?
  • I acquired a house with my cousin in 2008 Since buying the property, we have both got married. We are now intending to do a transfer of equity so my name is taken off the Harpenden Building Society mortgage. There is a significant difference between the value the Harpenden Building Society say and what the property would sell for currently. Can you offer any advice?
  • Can I transfer the equity held in my property with my Harpenden Building Society home loan?
  • When it comes to transfer of equity conveyancing involving refinance with Harpenden Building Society should I be charged VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • I am selling my share of a house in Birmingham to my co-owners fiance, they are reapplying to Harpenden Building Society. We are debating as to who must pay the fees for the transfer of equity. Should this be split or is one of us liable for the charges for?
  • Me and my former fiance and I are searching for an affordable conveyancing solicitor to assist in a transfer of equity and remortgage with Harpenden Building Society. I I am concerned about being overcharged but with many conveyancing practices who do transfer of equity conveyancing out there...who do I opt for?
  • My Harpenden Building Society mortgage is in joint names with ex, who is agreeable to be removed and let me have the property. Harpenden Building Society have consented to the transfer of equity to me solely. Will Harpenden Building Society write my boss to verify my salary?

Sample of information requested in a lawyer form relating to Harpenden Building Society Transfer of Equity

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?

Please give the name(s) and addresse(s) of anyone to be removed from the property title?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

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

Please clarify if you are providing any payment for the Transfer of Equity and to whom and notify us any such sums?

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

Caveats to be read in conjunction with 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 premises

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. 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.

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 finalisation 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 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 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