Hinckley and Rugby transfer of equity example support desk enquires
- My divorce is through as is the consent order. Now I need to sort out the transfer of equity on title deeds and the Hinckley and Rugby home loan. I have asked Hinckley and Rugby for the transfer of equity forms. What are my next steps?
- I got divorced three years ago. For some reason I never got around to change the ownership from both our names to just in my name. I am ready to do that and so is she. Transfer-of-equity is needed. Hinckley and Rugby is content to transfer the property and loan in my name (financial checks done). Does she need any legal representation?
- My ex are planning to get a conveyancing solicitor lined up for a new mortgage with Hinckley and Rugby. Transfer of Equity conveyancing is also necessaryI have used the different rating based websites and the results are from all over UK. How necessary is it to have a conveyancing solicitor local to us?
- What are my options where I am dissatisfied with the conveyancer who conducted my transfer of equity conveyancing?
- The financial adviser has suggested using their lawyer for the Transfer of Equity plus remortgage with Hinckley and Rugby - Is it not simpler better to just use them?
- Me and a friend got a joint mortgage with Hinckley and Rugby on a house in 2013. I am now thinking of buying a property by myself and my friend would like to buy me out. Assuming we can agree an amount what are the next steps? Would there be any potential problem with Hinckley and Rugby with him being responsible for the total loan as opposed to only half of it?
- Is it sensible to stop the direct debit for my mortgage with Hinckley and Rugby as soon as a date for my remortgage and transfer of equity has been agreed?
Sample of questions in a conveyancer form concerning a Hinckley and Rugby Transfer of Equity
Who will be responsible for the costs of the Transfer of Equity?
Have you approached Hinckley and Rugby to obtain consent to the Transfer of Equity
Please provide the details of anyone to be added to the property title?
Where you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Is the transfer of equity subject to a court order? If yes please supply a copy
Please let us know where you are providing any payment for the Transfer of Equity and to whom and notify us any such sums?
Important warnings to consider in in addition to the above Hinckley and Rugby 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 Hinckley and Rugby conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold titles
Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. 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.
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 lawyer will check with Hinckley and Rugby 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 Hinckley and Rugby 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Hinckley and Rugby.
Preparing the Transfer of Equity with a Hinckley and Rugby 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 Hinckley and Rugby 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.
Content 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.