Examples of recent questions relating to Holmesdale Building Society transfer of equity
- I intend to remortgage my flat in Blaenavon
moving from Virgin Money to Holmesdale Building Society. The apartment is jointly owned but propose for it to be in my sole name once I switch. My former partner is OK with this and is happy to transfer equity but neither of us want to get a second lawyer involved.
- My ex are seeking to get a conveyancing solicitor in place for a remortgage with Holmesdale Building Society. Transfer of Equity conveyancing is also necessaryI have used the different comparison based tools and the results are from all over England and Wales. Is it important to instruct a conveyancer local to us?
- My fiance and myself jointly own a investment property. I am a top rate tax payer. Ideally I would like to do a transfer of equity into her name to mitigate tax on the letting income. Assuming Holmesdale Building Society are happy with this the legal fees are inexpensive. What are the implications when we dispose of the property? As I would no longer be on the deeds am I giving up my CGT relief.
- I am searching for an affordable conveyancing solicitor to assist in a transfer of equity and remortgage with Holmesdale Building Society. I am aware of the risk of getting ripped off and there are plenty conveyancing firms who do transfer of equity conveyancing out there...who's the best?
- How do I go about adding or subtracting names (transfer of equity) to or from my Holmesdale Building Society mortgage account?
- I am filling out a Holmesdale Building Society transfer of equity request and have come to the section that asks about defaults etc. I do some debts that I have been paying off since 2009, I understand that they have long since disappeared from my credit rating. Must I set these out?
- Can I apply to request more money from Holmesdale Building Society as part of a Transfer of Equity?
Sample of questions in a conveyancing solicitor form concerning a Holmesdale Building Society Transfer of Equity
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Is it the case that one of the registered proprietors passed away? 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 those who jointly own the premises with you?
Where you 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 provide the name(s) and addresse(s) of anyone to be extracted from the property title?
Is the transfer of equity subject to a court order? If yes please supply a copy
General Advice to read in further to the above Holmesdale Building Society 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 Holmesdale Building Society 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 require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.
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 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 is dependent on the valuation of the property at the time of completion of the transfer of equity conveyancing.
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 conveyancing solicitor 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 conveyancer 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.