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Hinckley and Rugby

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

  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with Hinckley and Rugby?
  • I already have a home loan with Hinckley and Rugby and am keeping my existing mortgaging but applying to have have the equity transferred to my name alone so my ex will no longer be on the deeds. How long do Hinckley and Rugby take to deal with the application?
  • When it comes to transfer of equity conveyancing involving refinance with Hinckley and Rugby should I be invoiced value added tax 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
  • I currently have a joint Hinckley and Rugby mortgage with my cousin and am looking into the feasibility of him assuming responsibility for the outstanding mortgage and removing myself from it, so as to enable me to buy a place with my fiance. The remaining mortgage is in the region 175k, and the property value is in the region 500k. Is this a transfer of equity? Is stamp duty payable?
  • Been looking at online blogs that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I need to be transferring equity and at the same time switching mortgage with Hinckley and Rugby
  • Me and my partner jointly own a house in Romsey . Home loan is with Hinckley and Rugby. I want to transfer full ownership to him with no exchange of money but without using a lawyer. Do you think this should be simple?
  • What is the process for adding or removing names (transfer of equity) to or from my Hinckley and Rugby mortgage account?

Sample of questions in a lawyer form concerning a Hinckley and Rugby Transfer of Equity

Would you like us to draft you Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

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

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

Is it the case that one of the registered owners passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

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

Important warnings to consider in in addition to 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 premises

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such terms are not adhered to 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 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 finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Hinckley and Rugby your property may be repossessed.

Preparing the Transfer of Equity with a Hinckley and Rugby Mortgage

When it comes to preparing the the Land Registry documents your conveyancer 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 conveyancer 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 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