Top seven questions relating to Hinckley and Rugby transfer of equity
- Can I apply to request a further advance from Hinckley and Rugby as part of a Transfer of Equity?
- I recently purchased a apartment without my fiance’s name on the deeds. My conveyancing solicitor claimed it is due to the fact that she was not in the mortgage with Hinckley and Rugby. I'm wondering is there any way that I can put her name on the documents at HM Land Registry?
- I own a apartment in Witham
, with a Hinckley and Rugby loan with my former husband. He and his new partner are going to buy me out. We had consent 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 (supposedly). In order to save fees can I do the Land Registry formalities?
- Can I transfer the equity held in my property with my Hinckley and Rugby mortgage?
- At what point do I cover the costs of stamp duty chargeable for the transfer of equity in my house in my name alone which is taking place at the same time as a switching mortgage via Hinckley and Rugby?
- Me and a friend got a joint mortgage with Hinckley and Rugby on a house in 2013. I am now looking to get a flat by myself and my friend would like to buy me out. Assuming we can agree a price what happens next? Would there be any potential problem with Hinckley and Rugby with him being responsible for the total loan as opposed to only part of it?
- 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 need to be transferring equity and simultaneously refinancing with Hinckley and Rugby
Sample of information requested in a lawyer questionnaire relating to Hinckley and Rugby Transfer of Equity
Please give the details of anyone to be added to the property title?
If 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?
Can you provide the details of anyone who jointly owns the premises with you?
Has consent been obtained from Hinckley and Rugby to the proposed transfer of equity?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Please provide a copy of your National Insurance Number?
Important warnings to consider in in addition to the above Hinckley and Rugby transfer of equity information :
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, 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 conditions are not complied with you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
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 varies based on the market value of the property at finalisation of the transfer of equity transaction.
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 lawyer 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.