Recently asked questions relating to Holmesdale Building Society transfer of equity
- Have recently separated from my partner of twenty years. I'm now back with my parents again and she wishes to remain in the property and pay me off. What percentage am I entitled to. Is it 50% of the equity after paying off the mortgage with Holmesdale Building Society? I assume proper valuations are necessary but I would like ensure that I'm getting the best deal
- What do I need to do when it comes adding or removing names (transfer of equity) to or from my Holmesdale Building Society mortgage account?
- I jointly own a house in Wakefield
, with a Holmesdale Building Society mortgage with my ex partner. He and his fiance are going to acquire my share. We had consent from Holmesdale Building Society to remove my name with hers. The transfer of equity has to be done by a conveyancing solicitor for Holmesdale Building Society (supposedly). Is it possible for us to deal with the Land Registry change?
- At what point do I pay stamp duty due for the transfer of equity in my home in my name alone which is taking place simultaneously with a switching mortgage via Holmesdale Building Society?
- I am in the process of removing a name from a joint mortgage and the Holmesdale Building Society need me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Ampthill conveyancing solicitor to deal with the transfer of equity? They need to be on the Holmesdale Building Society conveyancing panel.
- I am am in need of a conveyancing solicitor to undertake my transfer of equity. Holmesdale Building Society are dealing with the refinancing. I thought of asking my mortgage broker. I am lead to believe he will likely receive a kickback for suggesting someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic correct?
- What if my application doesn't meet Holmesdale Building Society lending criteria for a transfer of equity?
Questions that your conveyancer could ask in relation to your Holmesdale Building Society Transfer of Equity
If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Who will be responsible for the costs of the Transfer of Equity?
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?
Please provide 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?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
General Advice to read in conjunction with the above Holmesdale Building Society transfer of equity Info :
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
Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
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 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 market value of the property at the conclusion of the transfer of equity conveyancing.
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 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 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.