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Hodge Equity Release

Recently asked questions relating to Hodge Equity Release transfer of equity

  • Is there such a thing a transfer of equity stamp duty calculator?
  • My former wife are seeking to get a conveyancer lined up for a refinance with Hodge Equity Release. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over England and Wales. Do we need to have a conveyancer local to us?
  • I intend to refinance my apartment in Wakefield changing from Birmingham Midshires to Hodge Equity Release. The apartment is currently in joint names but intend for it to be in my name only once I transfer. My former partner has agreed to this and is willing to transfer equity but neither of us want to get a second conveyancing solicitor involved.
  • What is the process for having someone removed from the deeds to a house if the home loan is with Hodge Equity Release
  • I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
  • Hodge Equity Release have just agreed I can take over the mortgage on the flat. I have applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds in addition?
  • In 2009 I purchased a flat without my fiance’s name on the deeds. My conveyancing solicitor advised it is due to the fact that she is not in the loan offer with Hodge Equity Release. Is it possible for me to add her name on the documents at HM Land Registry?

Questions that your lawyer may ask regarding your Hodge Equity Release Transfer of Equity

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

Where you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

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

Please give the details of anyone who jointly owns the property with you?

Please give the details of anyone to be extracted from the property title?

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

Important warnings to consider in supplemental the above Hodge Equity Release transfer of equity Advice :

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, provisions in the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach 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 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 conveyancer 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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within 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