Examples of recent questions relating to Holmesdale Building Society transfer of equity

• When it comes to transfer of equity conveyancing involving a remortgage with Holmesdale Building Society should I be invoiced value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with Holmesdale Building Society?
• Law week I split up with my wife of thirty years. I'm now living with my mum and dad and she wants to remain in the property and buy me out. What portion do I get. Is it 50% of the equity after redeeming the Holmesdale Building Society home loan? I assume proper valuations are required but I really need to be sure that I'm getting I am not being walked over
• I am hoping to remortgage my maisonette in Heathfield switching from RBS to Holmesdale Building Society. The home is jointly owned but wish for it to be in my sole name when I transfer. My former partner is OK with this and is willing to transfer equity but neither of us want to incur lawyer charges.
• Is it sensible to stop my mortgage payments with Holmesdale Building Society as soon as a date for my remortgage and transfer of equity has been agreed?
• I recently purchased a house without my wife's name on the ownership paperwork. My conveyancing solicitor 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 title?
• Me and my former partner and I are in the market for an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with Holmesdale Building Society. I really don't want to get ripped off and there's lots of conveyancing solicitors who do transfer of equity conveyancing out there...who do I opt for?

Sample of questions in a lawyer questionnaire concerning a Holmesdale Building Society Transfer of Equity

Caveats to be read in supplemental the above Holmesdale Building Society transfer of equity Advice :

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

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 conditions 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 as a result of 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 valuation 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 conveyancing solicitor 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 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.