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Hodge Life

Examples of recent questions relating to Hodge transfer of equity

  • I am completing a Hodge transfer of equity application and have come to the part concerning defaults etc. There are some debts that I have been discharging since 2007, in fact they no longer remain my credit rating. Must I reveal these?
  • I am hoping to refinance my home in Crabtree changing from Lloyds TSB to Hodge. The apartment is jointly owned but propose for it to be in my name only when I switch. My wife has verbally consented to this and is happy to sign a form but neither of us want to get a second conveyancer involved.
  • I co-own a house in Friern Barnet , with a Hodge loan with my ex husband. He and his new partner are going to acquire my share. We had the go ahead from Hodge to substitute my name with hers. The transfer of equity has to be completed by a conveyancing solicitor for Hodge (apparently). Is it possible for us to do the Land Registry change?
  • Me and my partner jointly own a property in Witham . Mortgage is with Hodge. I would like to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Do you think this should be straightforward?
  • My former husband are looking to get a conveyancer lined up for a remortgage with Hodge. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over UK. Is it important to have a conveyancing solicitor local to us?
  • My brother and I got a joint mortgage with Hodge on a apartment a couple of years ago. I am now thinking of purchasing a property by myself and my friend would like to buy me out. On the basis that we can settle on an amount what are the next steps? Is there likely to be any issue with Hodge with him being responsible for the total loan as opposed to only half of it?
  • I am considering remortgaging my property in Miles Platting does my lawyer need to be on the Hodge Conveyancing panel. The conveyancing also involves a transfer of equity.

Questions that your conveyancer is likely to ask about your Hodge 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” Questionnaire.

Is it the case that one of the registered owners passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Please provide the details of anyone to be added to the property title?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Important warnings to consider in further to the above Hodge transfer of equity Info :

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 premises

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not complied with 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 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 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 market value of the property at the time of completion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Hodge.

Preparing the Transfer of Equity with a Hodge Mortgage

When it comes to preparing the the Land Registry documents your lawyer 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 lawyer 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 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