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Holmesdale Building Society

Are you in need of a Transfer of Equity with a Holmesdale Building Society mortgage? Failing to check that a lawyer is on the Holmesdale Building Society list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Examples of recent questions relating to Holmesdale Building Society transfer of equity

  • I am answering a Holmesdale Building Society transfer of equity form and have arrived at the part regarding debts etc. I do some debts that I have been clearing since 2008, I understand that they have long since disappeared from my credit score. Do I need to set these out?
  • Me and my partner jointly own a property in Wakefield . Home loan is with Holmesdale Building Society. I wish to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Is this likely to be easy to so?
  • Can you tell me how to have someone removed from the deeds to a house if the home loan is with Holmesdale Building Society
  • I already have a mortgage with Holmesdale Building Society and am maintaining my existing mortgaging but wish to have have the equity transferred to my sole name so my former husband won't be on it any longer. How long does the whole transfer of equity process take?
  • Law month I split up with my wife of twenty years. I'm now living with my mum and dad and she wants to remain in the flat and buy me out. What portion am I entitled to. Is it 50% of the equity after redeeming the Holmesdale Building Society home loan? I assume proper valuations are required but I really need ensure that I'm getting I am not being taken advantage of
  • How do I go about adding or subtracting names (transfer of equity) to or from my Holmesdale Building Society mortgage account?
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Holmesdale Building Society?

Examples of questions in a conveyancer questionnaire concerning a Holmesdale Building Society Transfer of Equity

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

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?

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.

Have you approached Holmesdale Building Society to obtain consent to the Transfer of Equity

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

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

Information to consider in supplemental the above Holmesdale Building Society 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 Holmesdale Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions 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 as a result of 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 conveyancing solicitor will check with Holmesdale Building Society 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 Holmesdale Building Society 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 finalisation of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Holmesdale Building Society your property may be repossessed.

Preparing the Transfer of Equity with a Holmesdale Building Society 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 Holmesdale Building Society 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 Holmesdale Building Society transfer of equity