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Holmesdale Building Society

Holmesdale Building Society transfer of equity example support desk enquires

  • Two years ago I purchased a house without my partner's name on the title. My conveyancer claimed it is because she is not in the loan offer with Holmesdale Building Society. I'm wondering is there any way that I can add her name on the documents at HM Land Registry?
  • Holmesdale Building Society yesterday agreed I can take over the mortgage on the house. I had applied for a transfer of equity but presumably there is a transfer of ownership at HMLR on top?
  • I got divorced in 2010. I simply never got around to change the ownership from both our names to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Holmesdale Building Society is happy to transfer the full equity in my name (affordability checks done). Does she need any legal representation?
  • I am transferring my equity in house in Warwick to the other co-owners husband, they are reapplying to Holmesdale Building Society. We are debating as to who should cover the charges for the transfer of equity. Is this usually shared or is one party liable for the charges for?
  • My partner and I have equal shares in a buy to let. I am a top rate tax payer. Preferably I wish to complete a transfer of equity to her sole name in order reduce our tax on rental income. If Holmesdale Building Society are content with this the legal fees are not prohibitive. However what happens when we sell? As I would no longer be on the deeds would I lose my CGT relief.
  • My mother died early last year leaving a unencumbered bungalow to me and my brother in equal shared. Having continues to reside at the property, there was a provision in the will specifying that the premisescould not be sold for 24 months after her death so he could reside there for a while. He now wants to remain in the premises beyond the prescribed period. We have discussed a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a mortgage in the usual way to acquire my share?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Holmesdale Building Society?

Examples of information requested in a conveyancer questionnaire relating to Holmesdale Building Society Transfer of Equity

If you are adding someone 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.

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

Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

Please provide the name(s) and addresse(s) of anyone to be removed from the title deeds?

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?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Information to consider in conjunction with the above Holmesdale Building Society transfer of equity Advice :

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 require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation 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 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 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 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 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.

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