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Holmesdale Building Society

Frequently asked questions relating to Holmesdale Building Society transfer of equity

  • My existing mortgage is with Holmesdale Building Society. Can I transfer equity to someone under eighteen years old?
  • Having been 2 a couple of years separated I have decided to transfer my share of the house to my husband who is re-mortgaging with Holmesdale Building Society. Can a transfer of equity be completed inside 28 days?
  • Am I best advised cancel the direct debit for my mortgage with Holmesdale Building Society as soon as a date for my remortgage and transfer of equity has been set?
  • I am in the process of mortgaging my flat in Timperley does my lawyer need to be on the Holmesdale Building Society Conveyancing panel. The conveyancing also involves a transfer of equity.
  • I recently purchased a flat without my wife's name on the ownership paperwork. My conveyancing solicitor claimed it is due to the fact that she is not in the loan offer with Holmesdale Building Society. Is it possible for me to add her name on the deeds?
  • My mum died early last year leaving a unencumbered bungalow to me and my half brother in equal shared. He has always lived in the property, there was a condition in her will saying the premisescould not be sold for 24 months after her death so he could reside there for a specified time frame. He now wants to remain in the house beyond the specified period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the conventional way to buy my equity?
  • When it comes to transfer of equity conveyancing involving refinance with Holmesdale Building Society should I be invoiced VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee

Information that may be required from your conveyancing solicitor may ask about your Holmesdale Building Society Transfer of Equity

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

If you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)

Please confirm where you are providing any payment for the Transfer of Equity and to whom and disclose the amount?

Please give the details of anyone to be extracted from the property title?

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

Important warnings to consider in supplemental the above Holmesdale Building Society transfer of equity information :

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 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 terms are not adhered to you may be in violation of 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 lawyer 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 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 Holmesdale Building Society.

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 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 Holmesdale Building Society transfer of equity