Sample questions relating to Holmesdale Building Society transfer of equity

• Will I incur any fees for a Transfer of Equity where the existing home loan is with Holmesdale Building Society?
• My decree absolute is through as is the consent order. Now I must sort out the transfer of equity on title deeds and the Holmesdale Building Society mortgage. I have asked Holmesdale Building Society for the transfer of equity forms. What are my next steps?
• My former wife are seeking to get a conveyancing solicitor lined up for a remortgage with Holmesdale Building Society. Transfer of Equity conveyancing is also requiredI have used the different rating based websites and the results are from all over the country. Is it important to appoint a conveyancer local to us?
• At what point do I cover the costs of the Stamp Duty Land Tax due for the transfer of equity in my home in my sole name which is taking place at the same time as a switching mortgage with Holmesdale Building Society?
• I co-own a property in Sedgefield , with a Holmesdale Building Society mortgage with my former husband. Him and his new partner are going to buy me out. 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 do the Land Registry formalities?
• What if my application doesn't meet Holmesdale Building Society lending criteria for a transfer of equity?
• I already have a mortgage with Holmesdale Building Society and am retaining my existing mortgaging but applying to have it in my name only so my ex won't be on it any longer. How long does the whole transfer of equity process take?

Information that may be required from your conveyancer may ask about your Holmesdale Building Society Transfer of Equity

Caveats to be read in conjunction with 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, 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 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 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 conveyancing solicitor 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.

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.

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.