Examples of recent questions relating to Hanley Economic Building Society transfer of equity

• Me and my partner co-own a flat in Heathfield . Mortgage is with Hanley Economic Building Society. I wish to transfer full ownership to him with no exchange of money but without using a conveyancer. Is this likely to be easy to so?
• What should I be budgeting for when it comes to what solicitors fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Hanley Economic Building Society - and have been quoted £350 plus VAT by Hanley Economic Building Society's approved lawyer, Is this is a good price or not?
• I got my Decree Absolute in 2010. For some reason I never got around to change the ownership from both our names to just in my name. I am ready to do that and so is she. Transfer-of-equity is needed. Hanley Economic Building Society is content to transfer the property and loan in my name (financial checks done). Does my ex need a solicitor?
• My ex-fiance and I are in the market for a dependable conveyancing solicitor to help me sell in a transfer of equity and refinance with Hanley Economic Building Society. I I am fearful of being overcharged and there's so many conveyancing solicitors who do transfer of equity conveyancing to choose from...how do I know which one is best select?
• Will I incur any charges for a Transfer of Equity where the existing mortgage is with Hanley Economic Building Society?
• What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Hanley Economic Building Society mortgage account?
• I am filling out a Hanley Economic Building Society transfer of equity form and have arrived at the part that asks about defaults etc. I do some debts that I have been reducing over a long period, in fact they have long since disappeared from my credit records. Must I declare these?

Sample of questions in a conveyancer form relating to Hanley Economic Building Society Transfer of Equity

Caveats to be read in supporting the above Hanley Economic Building Society 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 Hanley Economic 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 require that you obtain the consent of the freeholder. If such restrictions are not strictly observed 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 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 Hanley Economic 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 Hanley Economic 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 varies based on the market value of the property at the time of completion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Hanley Economic Building Society 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 Hanley Economic 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.