Common questions relating to Holmesdale Building Society transfer of equity

• My Holmesdale Building Society home loan is in joint names with ex, who has agreed to come off the mortgage and put the house in my name alone. Holmesdale Building Society will permit the transfer of equity to my individual name. Do Holmesdale Building Society contact my employer to verify my salary?
• What should I be budgeting for when it comes to what conveyancing fees are for a transfer of equity? I'm in the process of remortgaging - new loan with Holmesdale Building Society - and have been quoted £350 plus VAT by Holmesdale Building Society's approved conveyancing solicitor, Is this is a good price or not?
• What can I do where I am unhappy with the lawyer who carried out our transfer of equity conveyancing?
• I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
• My current home loan is with Holmesdale Building Society. Can I transfer equity to someone less than eighteen years old?
• As things stand I have a joint Holmesdale Building Society mortgage with my step-brother and am investigating the possibility of him assuming responsibility for the whole mortgage and subtracting myself from it, to enable me to purchase a property with my soon-to-be-wife. The outstanding mortgage is approx 200k, and the property value is approx 500k. Is this a transfer of equity? Is stamp duty payable?
• Law month I split up with my partner of twenty years. I'm now living with my parents again and she wishes to remain in the flat and buy me out. What percentage am I entitled to. Is it half of the equity after paying off the Holmesdale Building Society home loan? I assume proper valuations are necessary but I really need to be sure that I'm getting what I am entitled to

Sample of information requested in a conveyancing solicitor questionnaire concerning a Holmesdale Building Society Transfer of Equity

General Advice to read in supplemental the above Holmesdale Building Society transfer of equity Info :

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, the lease may have a requirement for notices to be served and that you obtain the consent of 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 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 varies based on the valuation of the property at the conclusion 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 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 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.