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Hodge Equity Release

Common questions relating to Hodge Equity Release transfer of equity

  • I co-own a flat in Witham , with a Hodge Equity Release loan with my former husband. He and his fiance are going to buy me out. We had consent from Hodge Equity Release to substitute my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Hodge Equity Release (supposedly). Is it possible for us to deal with the Land Registry formalities?
  • I bought a property with my brother in 2009 Since then, we have both got married. We are now looking to do a transfer of equity so my name is taken off the Hodge Equity Release mortgage. There is a 30k difference between the value the mortgage company hold and what the property would sell for currently. Can you offer any advice?
  • What are the average solicitors charges are for a transfer of equity? I need to transfer equity and refinance - new loan with Hodge Equity Release - and have been quoted £250 excluding VAT by Hodge Equity Release's appointed conveyancing solicitor, Have I been over quoted?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • My ex-partner and I are are seeking to find a responsive conveyancing lawyer to assist in a transfer of equity and remortgage with Hodge Equity Release. I I am concerned about by bill escalating out of control and there's lots of conveyancing practices who do transfer of equity conveyancing out there...who's the best?
  • Is it possible to transfer the equity held in my property with my Hodge Equity Release home loan?
  • What are my options where I am dissatisfied with the conveyancer who undertook our transfer of equity transaction?

Sample of questions in a lawyer form concerning a Hodge Equity Release Transfer of Equity

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

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?

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

Please let us know if you are making any payment for the Transfer of Equity and to whom and disclose the amount?

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

Important warnings to consider in supplemental the above Hodge Equity Release transfer of equity Questions and Answers :

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 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 conditions are not complied with 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 pursuant to 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 conveyancing solicitor 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 the conclusion 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 conveyancer 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 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.


Frequently asked questions relating to Hodge Equity Release transfer of equity