Sample questions relating to Hinckley and Rugby transfer of equity

• Taking into account that we have been 3 years separated I have opted to give up my share of the former home to my husband who is re-mortgaging with Hinckley and Rugby. Could this transfer of equity be completed inside 28 days?
• My fiance and myself have equal shares in a investment property. I am a higher rate tax payer. Ideally I wish to do a transfer of equity into her name to mitigate tax on the letting income. Assuming Hinckley and Rugby are happy with this the legal fees are not prohibitive. What are the implications when we dispose of the property? Would my GGT relief be lost.
• Is it possible to transfer the equity held in my property with my Hinckley and Rugby home loan?
• My decree absolute has gone through as is the consent order. Now I must sort out the transfer of equity on title deeds and the Hinckley and Rugby home loan. I have called Hinckley and Rugby for the transfer of equity forms. What happens next?
• I already have a home loan with Hinckley and Rugby and am retaining my current mortgaging but wish to have have the equity transferred to my sole name so my ex won't be on it any longer. How long can it take for the paperwork to be processed?
• I am refinancing my flat in Timperley does my lawyer have to be on the Hinckley and Rugby Solicitor panel. The conveyancing also involves a transfer of equity.
• What should I be budgeting for when it comes to what conveyancing costs are for a transfer of equity? I need to transfer equity and refinance - moving over to Hinckley and Rugby - and have been quoted Four Hundred pounds including VAT by Hinckley and Rugby's appointed conveyancing solicitor, Is this is a good price or not?

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

Information to consider in further 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

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 landlord. If such conditions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in 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 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 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 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 conveyancer 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.