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Hinckley and Rugby

Hinckley and Rugby transfer of equity example support desk enquires

  • 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 property on my own and my friend would like to buy me out. On the basis that we can settle on an amount where do we go? Is there likely to be any concerns with Hinckley and Rugby with him being solely liable for the total mortgage as opposed to only half of it?
  • I already have a home loan with Hinckley and Rugby and am keeping my current mortgaging but seeking to have it in my name only so my ex won't be on it any longer. How long do Hinckley and Rugby take to deal with the application?
  • I am completing a Hinckley and Rugby transfer of equity application and have arrived at the part that asks about debts etc. I do some debts that I have been clearing over a long period, in fact they have long since disappeared from my credit records. Must I set these out?
  • What are the average solicitors fees are for a transfer of equity? I need to transfer equity and refinance - moving over to Hinckley and Rugby - and have been quoted Three Hundred pounds plus VAT by Hinckley and Rugby's approved conveyancer, Is this a reasonable price?
  • Will I incur any charges for a Transfer of Equity where the existing mortgage is with Hinckley and Rugby?
  • I recently purchased a apartment without my fiance’s name on the title. My lawyer claimed it is because she was not in the loan offer with Hinckley and Rugby. Is it possible for me to put her name on the title?
  • I am hoping to refinance my flat in Friern Barnet moving from Nationwide to Hinckley and Rugby. The maisonette is currently in joint names but wish for it to be in my name only once I transfer. My husband has verbally consented to this and is willing to sign a form but neither of us want to get a second conveyancing solicitor involved.

Sample of questions in a conveyancing solicitor questionnaire relating to Hinckley and Rugby Transfer of Equity

Please let us know where you are providing any payment for the Transfer of Equity and to whom and notify us the amount?

Has consent been obtained from Hinckley and Rugby to the proposed transfer of equity?

Who will be responsible for the costs of the Transfer of Equity?

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?

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

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?

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

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 titles

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation 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 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.
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 lawyer 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 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