Examples of recent questions relating to Hodge Equity Release transfer of equity
- I am remortgaging my house in Dunnington
does my lawyer need to be on the Hodge Equity Release Conveyancing panel. The conveyancing also involves a transfer of equity.
- My mother died seven months ago leaving a unencumbered bungalow to me and my brother equally. He has always lived in the house, there was a provision in the will saying the premisescould not be sold for 2 years following her passing so he could remain there for a prescribed period. He now wants to remain in the house beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a home loan in the conventional way to acquire my half from me?
- I already have a home loan with Hodge Equity Release and am maintaining my current mortgaging but seeking to have have the equity transferred to my name alone so my former husband won't be on it any longer. How long can it take for the paperwork to be processed?
- My ex are planning to get a conveyancer lined up for a new mortgage with Hodge Equity Release. Transfer of Equity conveyancing is also necessaryI have used the different rating based services and the results are from all over UK. Is it important to have a conveyancing solicitor local to us?
- I am planning on removing a name from a joint mortgage and the Hodge Equity Release need me to use a conveyancing solicitor to carry out the paperwork. Can you recommend a reasonably priced Littleborough
conveyancing solicitor to deal with the transfer of equity? They need to be on the Hodge Equity Release conveyancing panel.
- Three years ago I bought a house without my wife's name on the ownership paperwork. My conveyancer claimed it is because she is not in the loan offer with Hodge Equity Release. I'm wondering is there any way that I can put her name on the title?
- My decree absolute is through as is the consent order. Now I must sort out the transfer of equity at the land registry and the Hodge Equity Release mortgage. I have contacted Hodge Equity Release for the transfer of equity forms. What happens next?
Questions that your conveyancing solicitor is likely to ask regarding your Hodge Equity Release Transfer of Equity
Please let us know of you wish us to draft you Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Is the transfer of equity subject to a court order? If yes please supply a copy
Who will be responsible for the costs of the Transfer of Equity?
Where you 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?
Has one of the registered proprietors passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..
Important warnings to consider in conjunction with the above Hodge Equity Release 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 Hodge Equity Release conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold properties
If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in 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 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 conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Hodge Equity Release.
Preparing the Transfer of Equity with a Hodge Equity Release 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 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 conveyancer 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.
