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Are you in need of a Transfer of Equity with a Hinckley and Rugby Building Society mortgage? Failing to check that a lawyer is on the Hinckley and Rugby Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Frequently asked questions relating to Hinckley and Rugby transfer of equity

  • I am planning on removing a name from a joint mortgage and the Hinckley and Rugby require me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Timperley conveyancing solicitor to deal with the transfer of equity? They need to be on the Hinckley and Rugby conveyancing panel.
  • I already have a mortgage with Hinckley and Rugby and am retaining my existing mortgaging but wish to have it in my name only so my former husband won't be on it any longer. How long do Hinckley and Rugby take to deal with the application?
  • My wife and myself have equal shares in a buy to let. I am a top rate tax payer. Preferably I would like to do a transfer of equity into her name to mitigate tax on rental income. Assuming Hinckley and Rugby are fine with this the legal fees are not high. What are the implications when we sell? Would my GGT relief be lost.
  • Me and my partner co-own a house in Rye . Mortgage is with Hinckley and Rugby. I wish to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Do you think this should be straightforward?
  • Can I transfer the equity held in my property with my Hinckley and Rugby mortgage?
  • Will I incur any charges for a Transfer of Equity where the current mortgage is with Hinckley and Rugby?
  • I got my Decree Absolute three years ago. For some reason I never dealt with the transfer ownership from both our names to just in my name. 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 she need a solicitor?

Questions that your conveyancing solicitor may ask in relation to your Hinckley and Rugby Transfer of Equity

Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

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

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

Can you provide the name(s) and addresse(s) of those who jointly own the premises with you?

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Information to consider in supporting the above Hinckley and Rugby transfer of equity Questions and Answers :

Tax and Legal

There may be various 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

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

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