LenderPanel.com

Find a Law Firm approved by
Hinckley and Rugby

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.

Hinckley and Rugby transfer of equity: q and a’s

  • Me and a friend got a joint mortgage with Hinckley and Rugby on a house about a year ago. I am now looking to get a house by myself and my friend would like to buy me out. On the basis that we can settle on a figure what are the next steps? Would there be any potential issue with Hinckley and Rugby with him being responsible for the total loan as opposed to only half of it?
  • My Hinckley and Rugby mortgage is in joint names with ex, who has agreed to come off the deeds and put the house in my name alone. Hinckley and Rugby will permit the transfer of equity to me solely. Do Hinckley and Rugby write my company to verify my salary?
  • I already have a home loan with Hinckley and Rugby and am maintaining my existing mortgaging but wish to have it in my sole name so my ex won't be on it any longer. How long can it take for the application to be processed?
  • I am am in need of a lawyer to handle my transfer of equity. Hinckley and Rugby have been approached for a refinancing. I thought of asking my mortgage broker. I am lead to believe he will likely get a referral fee for suggesting someone, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Is my logic misguided?
  • My divorce has gone through as is the consent order. Now I must address the transfer of equity on title deeds and the Hinckley and Rugby mortgage. I have called Hinckley and Rugby for the transfer of equity application. What happens next?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Hinckley and Rugby?
  • After 4 years estranged I have decided to relinquish up my interest in the property to my husband who is refinancing with Hinckley and Rugby. Can a transfer of equity be done inside one month?

Questions that your conveyancing solicitor is likely to ask regarding your Hinckley and Rugby Transfer of Equity

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

Is it the case that one of the registered proprietors died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Can you give the details of those who jointly own the property with you?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Please provide the details of anyone to be extracted from the title deeds?

Caveats to be read in conjunction with the above Hinckley and Rugby transfer of equity information :

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, the lease may require that you obtain the consent of the landlord. If such restrictions are not strictly observed 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 as a result of an Order of the Court, then Insolvency Indemnity Insurance is not required. In other cases, 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 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 lawyer 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 conveyancing solicitor 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.


Frequently asked questions relating to Hinckley and Rugby transfer of equity