Top seven questions relating to Holmesdale Building Society transfer of equity
- Holmesdale Building Society have today agreed I can take over the home loan on my home. I previously applied for a transfer of equity but presumably there is a transfer of ownership of the house on top?
- I got my Decree Absolute two years ago. I simply never got around to change the ownership from the current 'joint' status to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Holmesdale Building Society is content to transfer the full equity in my name (financial checks done). Does my ex need a conveyancer?
- Is it possible to apply to request more money from Holmesdale Building Society as part of a Transfer of Equity?
- My former wife are seeking to get a conveyancer lined up for a remortgage with Holmesdale Building Society. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over the country. Do we need to have a conveyancer local to us?
- What can I do where I am unhappy with the conveyancer who conducted our transfer of equity transaction?
- Me and a friend got a joint mortgage with Holmesdale Building Society on a flat a couple of years ago. I am now looking to get a apartment by myself and my friend would like to buy me out. On the basis that we can settle on an amount what happens next? Would there be any potential problem with Holmesdale Building Society with him being solely liable for the total loan rather than only part of it?
- I am answering a Holmesdale Building Society transfer of equity form and have come to the section regarding defaults etc. I do some debts that I have been clearing for a number of years, I understand that they no longer remain my credit rating. Must I set these out?
Questions that your conveyancing solicitor is likely to ask regarding your Holmesdale Building Society Transfer of Equity
Please list all persons who occupy the property, their respective ages and relationships to you.
Please provide the name(s) and addresse(s) of anyone to be removed from the property title?
Have you approached Holmesdale Building Society to obtain consent to the Transfer of Equity
Please provide the details of those who jointly own the premises with you?
Who will be responsible for the costs of the Transfer of Equity?
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Information to consider in in addition to 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, 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 violation of the lease. This could trigger 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 market value of the property at the time of completion of the transfer of equity conveyancing.
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 contained within 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.