Holmesdale Building Society transfer of equity example support desk enquires

• My former husband are planning to get a conveyancing solicitor lined up for a new mortgage with Holmesdale Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based tools and the results are from all over UK. Is it important to appoint a conveyancing solicitor local to us?
• My Holmesdale Building Society home loan we jointly entered into with ex, he has agreed to come off the deeds and put the house in my name alone. Holmesdale Building Society will permit the transfer of equity to me solely. Do Holmesdale Building Society get in touch with my boss to check my salary?
• My decree absolute is through as is the consent order. Now I must address the transfer of equity at the HMLR and the Holmesdale Building Society home loan. I have called Holmesdale Building Society for the transfer of equity application. What happens next?
• Been looking at online blogs that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I need to be transferring equity and at the same time remortgaging with Holmesdale Building Society
• Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Holmesdale Building Society?
• Me and my partner co-own a property in Blaenavon . Home loan is with Holmesdale Building Society. I want to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Do you think this should be straightforward?
• I co-own a flat in Dunnington , with a Holmesdale Building Society loan with my ex partner. He and his new partner are going to buy me out. We had consent from Holmesdale Building Society to substitute my name with hers. The transfer of equity has to be completed by a conveyancing solicitor for Holmesdale Building Society (apparently). Can we do the Land Registry formalities?

Information that may be required from your conveyancing solicitor could ask in relation to your Holmesdale Building Society Transfer of Equity

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

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

If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such restrictions are not strictly observed 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 conveyancer 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 market value of the property at the time of completion of the transfer of equity conveyancing.

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 lawyer 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 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.