Examples of recent questions relating to Hinckley and Rugby transfer of equity

• I plan to remortgage my apartment in Dunnington changing from RBS to Hinckley and Rugby. The maisonette is currently in joint names but propose for it to be in my name only as and when I transfer. My wife has verbally consented to this and is happy to sign a form but neither of us want to incur conveyancer fees.
• Can I apply to borrow a further advance from Hinckley and Rugby as part of a Transfer of Equity?
• I am are looking to find a dependable conveyancing lawyer to help me sell in a transfer of equity and refinance with Hinckley and Rugby. I I am concerned about by bill escalating out of control but with plenty conveyancing practices who do transfer of equity conveyancing out there...how do I know which one is best select?
• I currently have a joint Hinckley and Rugby mortgage with my step-brother and am investigating the possibility of him taking on the whole mortgage and subtracting myself from it, to enable me to purchase a property with my partner. The outstanding mortgage is in the region 200k, and the property value is in the region 450k. Is this a transfer of equity? Is land tax involved?
• Is it possible to transfer the equity held in my property with my Hinckley and Rugby mortgage?
• Law month I split up with my partner of 18 years. I'm now living with my mum and dad and she wants to remain in the flat and buy me out. What percentage do I get. Is it 50% of the equity after redeeming the Hinckley and Rugby home loan? I assume proper valuations are required but I really need ensure that I'm getting I am not being taken advantage of
• I got my Decree Absolute four years ago. For some reason I never dealt with the change the ownership from the current 'joint' status to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Hinckley and Rugby is willing to transfer the property and loan in my name (financial checks done). Does my ex need a lawyer?

Information that may be required from your lawyer is likely to ask about your Hinckley and Rugby Transfer of Equity

Information to consider in further to the above Hinckley and Rugby 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 Hinckley and Rugby conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

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 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 conveyancing solicitor 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 valuation of the property at the time of completion of the transfer of equity conveyancing.

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 lawyer 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.