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Holmesdale Building Society

Top seven questions relating to Holmesdale Building Society transfer of equity

  • I am selling my share of a apartment in Warwick to the other co-owners fiance, they are reapplying to Holmesdale Building Society. We are haggling as to who should cover the fees for the transfer of equity. Should this be split or is one of us liable for the legal bill?
  • After a number of years apart I have opted to transfer my interest in our house to my husband who is re-mortgaging with Holmesdale Building Society. Can a transfer of equity be done within one month?
  • Have recently split up with my partner of twenty years. I'm now back with my parents again and she wishes to stay in the flat and buy me out. What percentage do I get. Is it half of the equity after redeeming the mortgage with Holmesdale Building Society? I assume proper valuations are necessary but I would like ensure that I'm getting the best deal
  • How do I go about adding or subtracting names (transfer of equity) to or from my Holmesdale Building Society mortgage account?
  • Is it possible to apply to request more money from Holmesdale Building Society as part of a Transfer of Equity?
  • How much the typical legal charges are for a transfer of equity? I'm in the process of remortgaging - moving over to Holmesdale Building Society - and have been quoted Four Hundred pounds plus VAT by Holmesdale Building Society's appointed conveyancing solicitor, Have I been over quoted?
  • I acquired a flat with my brother in 2009 Since purchasing the property, we have both got married. We are now seeking to do a transfer of equity so my name comes off the Holmesdale Building Society mortgage. There is a 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?

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

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

Has consent been obtained from Holmesdale Building Society to the proposed transfer of equity?

Please give the details of anyone who jointly owns the premises with you?

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

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?

Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what sums

Important warnings to consider in conjunction with 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 premises

Should the tenure of your property be leasehold, 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 terms are not adhered to 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 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 valuation 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 conveyancer 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.

Information contained within 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.


Frequently asked questions relating to Holmesdale Building Society transfer of equity