Sample questions relating to Holmesdale Building Society transfer of equity
- I am am in need of a lawyer to undertake my transfer of equity. Holmesdale Building Society are dealing with the refinancing. I thought of asking my financial adviser. I am lead to believe he may receive a kickback for recommending a firm, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Is my logic flawed?
- I bought a property with a friend in 2010 Since purchasing the property, we have both got married. We are now intending to do a transfer of equity so my name comes off the Holmesdale Building Society mortgage. There is a significant difference between the value the mortgage company hold and what the property would sell for currently. Can you offer any advice?
- My divorce is through as is the consent order. Now I need to deal with the transfer of equity on title deeds and the Holmesdale Building Society home loan. I have asked Holmesdale Building Society for the transfer of equity application. What are my next steps?
- My partner and I have 50:50 shares in a buy to let. I am a top rate tax payer. Ideally I wish to complete a transfer of equity into her name to reduce our tax on rental income. If Holmesdale Building Society are happy with this the legal fees are inexpensive. What are the implications when we dispose of the property? Would my GGT relief be lost.
- My partner and I jointly own a house in Heathfield
. Home loan is with Holmesdale Building Society. I wish to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be easy to so?
- Is it sensible to stop the direct debit for my mortgage with Holmesdale Building Society as soon as a date for my remortgage and transfer of equity has been set?
- My former husband are looking to get a conveyancer in place for a remortgage with Holmesdale Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based websites and the results are from all over the country. Is it important to appoint a conveyancing solicitor local to us?
Sample of information requested in a conveyancer form concerning a Holmesdale Building Society Transfer of Equity
Have you approached Holmesdale Building Society to obtain consent to the Transfer of Equity
Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?
We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)
Is the transfer of equity subject to a court order? If yes please supply a copy
Is there to be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same
Please give the name(s) and addresse(s) of anyone to be removed from the title deeds?
Important warnings to consider in supplemental the above Holmesdale Building Society transfer of equity information :
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 obtain the consent of the landlord. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 finalisation of the transfer of equity transaction.
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 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 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.