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Holmesdale Building Society

Sample questions relating to Holmesdale Building Society transfer of equity

  • I got divorced three years ago. For some reason I never dealt with the change the ownership from the current 'joint' status to just in my name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Holmesdale Building Society is willing to transfer the full equity in my name (affordability checks done). Does she need a lawyer?
  • I understand we would need at least AP1 and TR1. Is this true?
  • My former wife are looking to get a conveyancing solicitor lined up for a refinance with Holmesdale Building Society. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over the country. Do we need to have a conveyancing solicitor local to us?
  • Can you tell me how to have someone removed from the deeds to a property where the mortgage is with Holmesdale Building Society
  • I am hoping to remortgage my flat in Romsey moving from Nationwide to Holmesdale Building Society. The apartment is currently in joint names but intend for it to be in my name only when I transfer. My wife has agreed to this and is willing to sign a form but neither of us want to incur conveyancing solicitor charges.
  • After four years estranged I have opted to transfer my interest in the flat to my husband who is re-mortgaging with Holmesdale Building Society. Could this transfer of equity be completed in four weeks?
  • Can I apply to request more money from Holmesdale Building Society as part of a Transfer of Equity?

Sample of questions in a conveyancer questionnaire relating to Holmesdale Building Society Transfer of Equity

If you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Please give the details of anyone who jointly owns the premises with you?

Who will be responsible for the costs of the Transfer of Equity?

Is the transfer of equity subject to a court order? If yes please supply a copy

Caveats to be read in supporting the above Holmesdale Building Society transfer of equity Questions and Answers :

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

Should the tenure of your property be 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 landlord. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger 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 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 transaction.
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 conveyancing solicitor 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.


Frequently asked questions relating to Holmesdale Building Society transfer of equity