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Hodge Life

Examples of recent questions relating to Hodge Life transfer of equity

  • Given that we have been a number of years apart I have made the decision to transfer my interest in the house to my husband who is re-mortgaging with Hodge Life. Could this transfer of equity be completed in four weeks?
  • Law month I split up with my partner of twenty years. I'm now living with my mum and dad and she wishes to remain in the property and buy me out. What portion am I entitled to. Is it half of the equity after redeeming the mortgage with Hodge Life? I assume proper valuations are necessary but I would like to be confident that I'm getting what I am entitled to
  • I am trying to find a lawyer to deal with my transfer of equity. Hodge Life have been approached for a remortgage. I thought of asking my mortgage broker. I am lead to believe he may receive a kickback for recommending someone, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Any flaws you see in this way of thinking?
  • My decree absolute is through as is the consent order. Now I must address the transfer of equity at the HMLR and the Hodge Life mortgage. I have contacted Hodge Life for the transfer of equity forms. What are my next steps?
  • My existing mortgage is with Hodge Life. Can I transfer equity to someone less than 18 years old?
  • I am planning on removing a name from a joint mortgage and the Hodge Life need me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Dunnington lawyer to deal with the transfer of equity? They need to be on the Hodge Life conveyancing panel.
  • Is there such a thing a transfer of equity stamp duty calculator?

Information that may be required from your conveyancing solicitor is likely to ask about your Hodge Life Transfer of Equity

Have you approached Hodge Life to seek consent to the Transfer of Equity

Can you provide the name(s) and addresse(s) of anyone who jointly owns the property with you?

Is it the case that one of the registered proprietors died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

Would you like us to prepare Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?

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

Caveats to be read in supplemental the above Hodge Life 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 Life conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under 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 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 Life 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 Life 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 varies based on the valuation of the property at finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Hodge Life your property may be repossessed.

Preparing the Transfer of Equity with a Hodge Life 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 Life 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.


Frequently asked questions relating to Hodge Life transfer of equity