Recently asked questions relating to Hinckley and Rugby transfer of equity

• Been looking at consumer 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 where I am transferring equity and at the same time refinancing with Hinckley and Rugby
• 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 Blaenavon conveyancing solicitor to deal with the transfer of equity? They need to be on the Hinckley and Rugby conveyancing panel.
• I plan to refinance my maisonette in Crabtree changing from Birmingham Midshires to Hinckley and Rugby. The apartment is jointly owned but propose for it to be in my name only once I transfer. My former partner is OK with this and is happy to sign a form but neither of us want to incur conveyancing solicitor fees.
• Hinckley and Rugby have just agreed I can take over the home loan on the house. I previously applied for a transfer of equity but is this a transfer of ownership of the house in addition?
• I own a property in Witham , with a Hinckley and Rugby mortgage with my ex husband. Him and his new partner are going to buy me out. We had approval from Hinckley and Rugby to remove my name with hers. The transfer of equity has to be completed by a lawyer for Hinckley and Rugby (apparently). Can we deal with the Land Registry change?
• My friend and I got a joint mortgage with Hinckley and Rugby on a house in 2013. I am now thinking of buying a house by myself and my friend would like to buy me out. On the basis that we can settle on a figure where do we go? Is there likely to be any issue with Hinckley and Rugby with him being solely liable for the total loan as opposed to only half of it?
• Is there such a thing a transfer of equity stamp duty calculator?

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

General Advice to read in in addition to the above Hinckley and Rugby transfer of equity Advice :

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

If your property is leasehold, provisions in the lease may require 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 valuation of the property at finalisation of the transfer of equity transaction.

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 contained within 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.