Handelsbanken transfer of equity example support desk enquires

• How do I go about adding or subtracting names (transfer of equity) to or from my Handelsbanken mortgage account?
• Will I incur any charges for a Transfer of Equity where the current mortgage is with Handelsbanken?
• Is it sensible to cancel my mortgage payments with Handelsbanken as soon as a date for my remortgage and transfer of equity has been agreed?
• How much the typical solicitors charges are for a transfer of equity? I need to transfer equity and remortgage - new loan with Handelsbanken - and have been quoted £350 plus VAT by Handelsbanken's appointed conveyancer, Is this a reasonable price?
• I am completing a Handelsbanken transfer of equity form and have arrived at the questions regarding defaults etc. I do some debts that I have been paying off over a long period, in fact they no longer remain my credit score. Am I obliged to set these out?
• I jointly own a house in Ampthill , with a Handelsbanken loan with my former husband. Him and his fiance are going to acquire my share. We had consent from Handelsbanken to remove my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Handelsbanken (apparently). In order to save fees can I deal with the Land Registry change?
• I already have a mortgage with Handelsbanken and am keeping my existing mortgaging but applying to have have the equity transferred to my name only so my ex will no longer be on the mortgage. How long does the whole transfer of equity process take?

Information that may be required from your lawyer could ask in relation to your Handelsbanken Transfer of Equity

Caveats to be read in supporting the above Handelsbanken 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 Handelsbanken conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such terms are not adhered to 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 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 conveyancing solicitor will check with Handelsbanken 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 Handelsbanken 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 transaction.

Preparing the Transfer of Equity with a Handelsbanken 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 Handelsbanken 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 lawyer 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.