Hodge Equity Release transfer of equity example support desk enquires
- Given that we have been 3 years separated I have opted to transfer my share of the apartment to my husband who is refinancing with Hodge Equity Release. Can a transfer of equity be completed inside 28 days?
- I got divorced in 2011. Foolishly I never dealt with the transfer ownership from the current 'joint' status to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Hodge Equity Release is happy to transfer the property and loan in my name (financial checks done). Does she need a lawyer?
- I own a apartment in Friern Barnet
, with a Hodge Equity Release loan with my former partner. Him and his fiance are going to acquire my share. We had consent from Hodge Equity Release to substitute my name with hers. The transfer of equity has to be done by a conveyancing solicitor for Hodge Equity Release (apparently). Can we deal with the Land Registry change?
- My current mortgage is with Hodge Equity Release. Can I transfer equity to someone under 18 years old?
- I am selling my equity in flat in Birmingham to my co-owners husband, they are reapplying to Hodge Equity Release. We are haggling as to who must cover the fees for the transfer of equity. Is this normally shared or is one party obliged to cover the costs of?
- Me and my partner co-own a flat in Wakefield
. Home loan is with Hodge Equity Release. I would like to transfer full ownership to him with no exchange of money but without using a conveyancer. Is this likely to be easy to so?
- I am completing a Hodge Equity Release transfer of equity request and have arrived at the section that asks about debts etc. I do some debts that I have been paying off since 2009, in fact they no longer remain my credit score. Am I obliged to set these out?
Examples of questions in a conveyancing solicitor questionnaire concerning a Hodge Equity Release Transfer of Equity
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please provide a copy of your National Insurance Number?
Please provide the name(s) and addresse(s) of anyone to be extracted from the property title?
Has one of the registered proprietors died? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.
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 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?
Information to consider in supporting the above Hodge Equity Release 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 Hodge Equity Release conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold premises
If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.
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 lawyer will check with Hodge Equity Release 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 Hodge Equity Release 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.
If you do not keep up the payments on your mortgage with Hodge Equity Release your property may be repossessed.
Preparing the Transfer of Equity with a Hodge Equity Release 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 Hodge Equity Release 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.
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.