Questions and answers: Harpenden Building Society transfer of equity
- Law week I separated from my partner of 18 years. I'm now living with my parents again and she wants to remain in the flat and buy me out. What portion am I entitled to. Is it 50% of the equity after discharging the mortgage with Harpenden Building Society? I assume proper valuations are required but I really need ensure that I'm getting the best deal
- What can I do where I am dissatisfied with the conveyancing solicitor who did my transfer of equity conveyancing?
- Will I incur any fees for a Transfer of Equity where the existing home loan is with Harpenden Building Society?
- Me and a friend got a joint mortgage with Harpenden Building Society on a property in 2013. I am now looking to get a apartment on my own and my friend would like to buy me out. On the basis that we can settle on a figure what are the next steps? Is there likely to be any concerns with Harpenden Building Society with him being responsible for the total mortgage rather than only part of it?
- My former wife are looking to get a lawyer lined up for a refinance with Harpenden Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based tools and the results are from all over England and Wales. How necessary is it to instruct a lawyer local to us?
- How much the typical solicitors fees are for a transfer of equity? I need to transfer equity and refinance - new loan with Harpenden Building Society - and have been quoted £350 excluding VAT by Harpenden Building Society's approved conveyancing solicitor, Is this a reasonable price?
- I am hoping to remortgage my maisonette in Witham
switching from Skipton to Harpenden Building Society. The flat is currently in joint names but propose for it to be in my sole name when I remortgage. My husband has verbally consented to this and is happy to sign a form but neither of us want to incur conveyancing solicitor charges.
Information that may be required from your conveyancing solicitor may ask regarding your Harpenden Building Society Transfer of Equity
Who will be responsible for the costs of the Transfer of Equity?
Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same
Please list all persons who occupy the property, their respective ages and relationships to you.
Please give the details of anyone to be extracted from the property title?
Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?
If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Important warnings to consider in further to the above Harpenden Building Society transfer of equity Advice :
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
If your property is leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could potentially result in the freeholder taking enforcement action against you.
If the transfer of equity is made pursuant to 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 conveyancing solicitor 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 market value 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 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 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.