Hodge transfer of equity example support desk enquires

• My Hodge mortgage we jointly entered into with ex, who has agreed to come off the deeds and put the house in my name alone. Hodge will permit the transfer of equity to me solely. Do Hodge get in touch with my company to check my salary?
• What legal advice do I need when doing a transfer of equity where the home loan is to remain with Hodge?
• My former husband are looking to get a conveyancer lined up for a refinance with Hodge. Transfer of Equity conveyancing is also neededI have used the different rating based tools and the results are from all over the country. Do we need to instruct a conveyancer local to us?
• I am looking for a lawyer to deal with my transfer of equity. Hodge are dealing with the remortgage. I considered asking my financial adviser. I understand he may receive a kickback for suggesting someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Any flaws you see in this way of thinking?
• My current mortgage is with Hodge. Can I transfer equity to someone who is not yet 18 years old?
• My ex-partner and I are in the market for an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Hodge. I I am fearful of appointing the wrong one but with plenty conveyancing practices who do transfer of equity conveyancing out there...who's the best?
• My decree absolute is through as is the consent order. Now I need to deal with the transfer of equity at the HMLR and the Hodge home loan. I have asked Hodge for the transfer of equity application. What are my next steps?

Information that may be required from your conveyancer could ask regarding your Hodge Transfer of Equity

Information to consider in conjunction with the above Hodge 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 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 restrictions are not strictly observed 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 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 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 the conclusion of the transfer of equity transaction.

Preparing the Transfer of Equity with a Hodge 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 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 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.