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Hinckley and Rugby

Sample questions relating to Hinckley and Rugby transfer of equity

  • Will I have to pay any charges for a Transfer of Equity where the existing home loan is with Hinckley and Rugby?
  • Me and my partner co-own a house in Littleborough . Mortgage is with Hinckley and Rugby. I wish to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Is this likely to be simple?
  • I am transferring my share of a flat in Warwick to the other co-owners fiance, they are reapplying to Hinckley and Rugby. We are in heated discussion as to who should pay the charges for the transfer of equity. Is this usually split or is one of us liable for the charges for?
  • I already have a mortgage with Hinckley and Rugby and am maintaining my existing mortgaging but applying to have it in my sole name so my former partner won't be on it any longer. How long do Hinckley and Rugby take to process the application?
  • After a number of years separated I have opted to relinquish up my interest in our house to my husband who is re-mortgaging with Hinckley and Rugby. Can a transfer of equity be completed in one month?
  • Am I best advised cancel my mortgage payments with Hinckley and Rugby as soon as a date for my remortgage and transfer of equity has been agreed?
  • When it comes to transfer of equity conveyancing involving refinance with Hinckley and Rugby should I be invoiced VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee

Information that may be required from your conveyancer may ask about your Hinckley and Rugby Transfer of Equity

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

Please provide the details of those who jointly own the premises with you?

Is the transfer of equity subject to a court order? If yes please supply a copy

Please give the details of anyone to be extracted from the property title?

Please give the details of anyone to be added to the property title?

Who will be responsible for the costs of the Transfer of Equity?

Important warnings to consider in supporting the above Hinckley and Rugby transfer of equity Advice :

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 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 conveyancer 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 time of completion 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.


Frequently asked questions relating to Hinckley and Rugby transfer of equity