Sample questions relating to Holmesdale Building Society transfer of equity

• My Holmesdale Building Society mortgage we jointly entered into with ex, he has agreed to come off the deeds and let me have the property. Holmesdale Building Society will permit the transfer of equity to me solely. Will Holmesdale Building Society write my employer to verify my salary?
• My partner and I co-own a flat in Miles Platting . Mortgage is with Holmesdale Building Society. I want to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Do you think this should be easy to so?
• Can I apply to request more money from Holmesdale Building Society as part of a Transfer of Equity?
• How much the typical legal fees are for a transfer of equity? I need to transfer equity and remortgage - moving over to Holmesdale Building Society - and have been quoted £250 including VAT by Holmesdale Building Society's appointed conveyancing solicitor, Is this a reasonable price?
• My brother and I got a joint mortgage with Holmesdale Building Society on a flat about a year ago. I am now looking to get a flat on my own and my friend would like to buy me out. On the basis that we can settle on a price what happens next? Would there be any potential concerns with Holmesdale Building Society with him being on the hook for the total mortgage as opposed to only half of it?
• Holmesdale Building Society yesterday agreed I can take over the mortgage on the house. I had applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds on top?
• What are my options where I am unhappy with the lawyer who conducted my transfer of equity conveyancing?

Examples of questions in a lawyer questionnaire relating to Holmesdale Building Society Transfer of Equity

Caveats to be read in further to the above Holmesdale Building Society transfer of equity information :

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 require that you obtain the consent of the freeholder. If such conditions are not complied with 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 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 is dependent on the market value of the property at finalisation of the transfer of equity transaction.

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.

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.