LenderPanel.com

Find a Law Firm approved by
HSBC

Are you in need of a Transfer of Equity with a HSBC Bank plc mortgage? Failing to check that a lawyer is on the HSBC Bank plc list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Common questions relating to HSBC transfer of equity

  • I am refinancing my property in Wakefield does my lawyer need to be on the HSBC Solicitor panel. The conveyancing also involves a transfer of equity.
  • As things stand I have a joint HSBC mortgage with my cousin and am looking into the feasibility of him assuming responsibility for the whole mortgage and subtracting myself from it, so as to enable me to purchase a property with my partner. The remaining mortgage is approx 300k, and the property value is in the region 600k. Is this a transfer of equity? Is stamp duty involved?
  • I am hoping to refinance my flat in Timperley moving from Coventry BS to HSBC. The flat is jointly owned but wish for it to be in my sole name as and when I switch. My wife is OK with this and is happy to sign a form but neither of us want to get a second conveyancing solicitor involved.
  • What is the process for having someone removed off the title documents to a house if the home loan is with HSBC
  • My former husband are seeking to get a lawyer lined up for a new mortgage with HSBC. Transfer of Equity conveyancing is also requiredI have used the different rating based tools and the results are from all over UK. How necessary is it to appoint a lawyer local to us?
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my HSBC mortgage account?
  • I am in the process of removing a name from a joint mortgage and the HSBC need me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Miles Platting conveyancing solicitor to deal with the transfer of equity? They need to be on the HSBC conveyancing panel.

Examples of questions in a lawyer form concerning a HSBC Transfer of Equity

Please let us know where you are providing any payment for the Transfer of Equity and to whom and disclose any such sums?

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

Where you are intent on holding 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 a copy of your National Insurance Number?

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

General Advice to read in conjunction with the above HSBC transfer of equity information :

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 HSBC conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such conditions are not complied with 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 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 HSBC 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 HSBC 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 valuation of the property at the conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with HSBC your property may be repossessed.

Preparing the Transfer of Equity with a HSBC 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 HSBC 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 conveyancer 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 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 HSBC transfer of equity