Top seven questions relating to Harpenden Building Society transfer of equity

• I am in the process of removing a name from a joint mortgage and the Harpenden Building Society require me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Miles Platting conveyancer to deal with the transfer of equity? They need to be on the Harpenden Building Society conveyancing panel.
• I already have a mortgage with Harpenden Building Society and am retaining my existing mortgaging but applying to have it in my name alone so my former wife won't be on it any longer. How long can it take for the application to be processed?
• Do I need legal representation when doing a transfer of equity where the home loan is to remain with Harpenden Building Society?
• My former wife are looking to get a conveyancer in place for a refinance with Harpenden Building Society. Transfer of Equity conveyancing is also requiredI have used the different comparison based websites and the results are from all over England and Wales. Do we need to appoint a lawyer local to us?
• I am in the process of remortgaging my home in Friern Barnet does my lawyer have to be on the Harpenden Building Society Solicitor panel. The conveyancing also involves a transfer of equity.
• What are my options where I am not happy with the conveyancing solicitor who did my transfer of equity transaction?
• My Harpenden Building Society mortgage is in joint names with ex, who has agreed to come off the mortgage and put the house in my name alone. Harpenden Building Society have consented to the transfer of equity to my individual name. Do Harpenden Building Society get in touch with my boss to confirm my salary?

Questions that your lawyer may ask in relation to your Harpenden Building Society Transfer of Equity

Caveats to be read in conjunction with the above Harpenden Building Society transfer of equity information :

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 Harpenden Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such restrictions are not strictly observed you may be in breach of 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 Harpenden 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 Harpenden 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 valuation of the property at the time of completion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Harpenden 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 Harpenden 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 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.