Hodge Equity Release transfer of equity example support desk enquires
- What are the average legal fees are for a transfer of equity? I'm in the process of remortgaging - new loan with Hodge Equity Release - and have been quoted £350 including VAT by Hodge Equity Release's appointed lawyer, Have I been over quoted?
- I own a apartment in Ampthill , with a Hodge Equity Release loan with my ex husband. Him and his fiance are going to buy me out. We had approval from Hodge Equity Release to substitute my name with hers. The transfer of equity has to be completed by a conveyancer for Hodge Equity Release (supposedly). Is it possible for us to do the Land Registry formalities?
- I am in the process of removing a name from a joint mortgage and the Hodge Equity Release need me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Wakefield
conveyancing solicitor to deal with the transfer of equity? They need to be on the Hodge Equity Release conveyancing panel.
- My Hodge Equity Release home loan we jointly entered into with ex, who is agreeable to be removed and put the house in my name alone. Hodge Equity Release will permit the transfer of equity to me solely. Do Hodge Equity Release contact my boss to check my salary?
- When it comes to transfer of equity conveyancing involving refinance with Hodge Equity Release should I be charged value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- My mum died half a year ago leaving a unencumbered property to me and my brother in equal shared. Having continues to reside at the house, there was a provision in the will specifying that the housecould not be sold for 2 years after her death so he could remain there for a prescribed period. He now wants to remain in the premises beyond the specified period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the usual way to acquire my share?
- After 3 years apart I have opted to relinquish up my share of the apartment to my husband who is refinancing with Hodge Equity Release. Could this transfer of equity be done in less than one month?
Examples of information requested in a conveyancer form relating to Hodge Equity Release Transfer of Equity
Please list all persons who occupy the property, their respective ages and relationships to you.
Is the transfer of equity subject to a court order? If yes please supply a copy
Has one of the registered owners died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
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?
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 clarify where you are making any payment for the Transfer of Equity and to whom and give details of any such sums?
Caveats to be read in conjunction with the above Hodge Equity Release 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 Hodge Equity Release conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold properties
Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. 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 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 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 time of completion 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 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 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.
