Examples of recent questions relating to Habito transfer of equity

• My -ex-husband and I are searching for a value for money conveyancing solicitor to help me sell in a transfer of equity and refinance with Habito. I want to avoid being ripped off but with so many conveyancing solicitors who do transfer of equity conveyancing to choose from...who's the best?
• My dad died early last year leaving a unencumbered property to me and my step brother 50:50. Having continues to reside at the premises, there was a condition in her will saying the housecould not be sold for 24 months after her death so he could continue to live there for a prescribed period. He now says he would like to remain in the property beyond the specified period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the traditional way to purchase my half from me?
• My partner and I co-own a flat in Dunnington . Home loan is with Habito. I wish to transfer full ownership to him with no exchange of money but without using a conveyancer. Do you think this should be easy to so?
• What are the average solicitors charges are for a transfer of equity? I'm in the process of remortgaging - moving over to Habito - and have been quoted £350 including VAT by Habito's approved conveyancer, Have I been over quoted?
• I intend to refinance my maisonette in Timperley changing from Yorkshire Bank Home Loans to Habito. The maisonette is currently in joint names but wish for it to be in my sole name when I transfer. My former partner is OK with this and is willing to transfer equity but neither of us want to get a second lawyer involved.
• I got my Decree Absolute four years ago. Foolishly I never dealt with the transfer ownership from the current 'joint' status to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Habito is willing to transfer the full equity in my name (affordability checks done). Does my ex need a solicitor?
• I already have a home loan with Habito and am keeping my existing mortgaging but wish to have it in my sole name so my former wife won't be on it any longer. How long do Habito take to process the application?

Sample of questions in a lawyer form relating to Habito Transfer of Equity

Caveats to be read in further to the above Habito 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 Habito conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation 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 as a result of 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 Habito 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 Habito 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 varies based on the market value of the property at finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a Habito 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 Habito 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 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.