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Hinckley and Rugby transfer of equity example support desk enquires

  • What do I do if I am not happy with the lawyer who undertook my transfer of equity transaction?
  • I am am in need of a conveyancing solicitor to undertake my transfer of equity. Hinckley and Rugby are dealing with the refinancing. I considered asking my financial adviser. I am lead to believe he will likely get a kickback for recommending a firm, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Any flaws you see in this way of thinking?
  • My ex-partner and I are searching for a quality conveyancing lawyer to help me sell in a transfer of equity and remortgage with Hinckley and Rugby. I I am concerned about by bill escalating out of control but with many conveyancing firms who do transfer of equity conveyancing out there...who do I opt for?
  • How do I go about adding or removing names (transfer of equity) to or from my Hinckley and Rugby mortgage account?
  • Two years ago I bought a flat without my fiance’s name on the deeds. My conveyancing solicitor advised it is due to the fact that she was not in the loan offer with Hinckley and Rugby. I'm wondering is there any way that I can add her name on the deeds?
  • As things stand I have a joint Hinckley and Rugby mortgage with my brother and am looking into the option of him taking on the outstanding mortgage and extracting myself from it, to enable me to purchase a property with my fiance. The outstanding mortgage is in the region 250k, and the property value is in the region 600k. Is this a transfer of equity? Is stamp duty due?
  • What if my application doesn't meet Hinckley and Rugby lending criteria for a transfer of equity?

Questions that your lawyer could ask about your Hinckley and Rugby Transfer of Equity

Please give the name(s) and addresse(s) of anyone who jointly owns the property with you?

Has one of the registered proprietors passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please clarify if you are providing any payment for the Transfer of Equity and to whom and give details of the amount?

Please list all persons who occupy the property, their respective ages and relationships to you.

If you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

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

Important warnings to consider in supplemental the above Hinckley and Rugby transfer of equity Questions and Answers :

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 properties

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. 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.

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 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 is dependent on the market value of the property at the conclusion 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 conveyancing solicitor 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.

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.


Frequently asked questions relating to Hinckley and Rugby transfer of equity