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Holmesdale Building Society

Top seven questions relating to Holmesdale Building Society transfer of equity

  • Last year bought a house without my fiance’s name on the deeds. My lawyer advised it is because she was not in the mortgage with Holmesdale Building Society. Is it possible for me to put her name on the documents at HMLR?
  • How much the typical solicitors fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Holmesdale Building Society - and have been quoted £350 including VAT by Holmesdale Building Society's appointed conveyancer, Is this is a good price or not?
  • Been looking at consumer forums that solicitors are more expensive than conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I need to be transferring equity and at the same time switching mortgage with Holmesdale Building Society
  • My divorce is through as is the consent order. Now I must deal with the transfer of equity for the property and the Holmesdale Building Society home loan. I have contacted Holmesdale Building Society for the transfer of equity forms. What happens next?
  • At what stage do I pay stamp duty due for the transfer of equity in my house in my sole name which is taking place at the same time as a refinancing via Holmesdale Building Society?
  • My partner and I jointly own a flat in Heathfield . Mortgage is with Holmesdale Building Society. I would like to transfer full ownership to him with no exchange of money but without using a conveyancer. Do you think this should be straightforward?
  • My mortgage broker has recommended their conveyancer for our Transfer of Equity plus remortgage with Holmesdale Building Society - Surely it’s better to just instruct them?

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

Please give the details of anyone to be extracted from the property title?

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?

Would you like us to draft you Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

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

Who will be responsible for the costs of the Transfer of Equity?

Is the transfer of equity subject to a court order? If yes please supply a copy

Information to consider in conjunction with the above Holmesdale Building Society transfer of equity Questions and Answers :

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 titles

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 restrictions are not strictly observed you may be in breach 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 situations, 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 conclusion 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 provided 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.


Frequently asked questions relating to Holmesdale Building Society transfer of equity