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Holmesdale Building Society

Holmesdale Building Society transfer of equity: q and a’s

  • What is the process for having someone removed from the deeds to a house where the home loan is with Holmesdale Building Society
  • Am I best advised stop the direct debit for my mortgage with Holmesdale Building Society once a date for my remortgage and transfer of equity has been agreed?
  • My partner and I jointly own a property in Sedgefield . Mortgage is with Holmesdale Building Society. I wish to transfer full ownership to him with no exchange of money but without using a lawyer. Is this likely to be simple?
  • Been reviewing online blogs that solicitors are more expensive than conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I am transferring equity and at the same time refinancing with Holmesdale Building Society
  • What if my application doesn't meet Holmesdale Building Society lending criteria for a transfer of equity?
  • My -ex-husband and I are in the market for an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with Holmesdale Building Society. I really don't want to get ripped off but with various conveyancing solicitors who do transfer of equity conveyancing out there...how do I know which to appoint?
  • Will I have to pay any charges for a Transfer of Equity where the current mortgage is with Holmesdale Building Society?

Examples of information requested in a lawyer form concerning a Holmesdale Building Society Transfer of Equity

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

Have you approached Holmesdale Building Society to obtain consent to the Transfer of Equity

Is it the case that one of the registered proprietors died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please provide a copy of your National Insurance Number?

Information to consider in supplemental 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 properties

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of 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 conveyancer 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 the time of completion 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 lawyer 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.

Content 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.


Frequently asked questions relating to Holmesdale Building Society transfer of equity