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Holmesdale Building Society

Examples of recent questions relating to Holmesdale Building Society transfer of equity

  • Can I apply to borrow a further advance from Holmesdale Building Society as part of a Transfer of Equity?
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Holmesdale Building Society?
  • My mother passed away early last year leaving a loan-free bungalow to me and my brother equally. He has always lived in the house, there was a provision in her will saying the housecould not be sold for 24 months after her passing so he could remain there for a while. He now wants to remain in the house beyond the prescribed 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 usual way to buy my half from me?
  • Having been 5 years estranged I have opted to give up my share of our former home to my husband who is re-mortgaging with Holmesdale Building Society. Could this transfer of equity be done within 28 days?
  • I got my Decree Absolute four years ago. I simply never dealt with the change the 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 presumably the way forward. Holmesdale Building Society is willing to transfer the property and loan in my name (affordability checks done). Does my ex need a lawyer?
  • I am planning on removing a name from a joint mortgage and the Holmesdale Building Society require me to use a conveyancing solicitor to carry out the paperwork. Can you recommend a reasonably priced Timperley lawyer to deal with the transfer of equity? They need to be on the Holmesdale Building Society conveyancing panel.
  • What is the process for adding or subtracting names (transfer of equity) to or from my Holmesdale Building Society mortgage account?

Sample of questions in a lawyer form relating to Holmesdale Building Society Transfer of Equity

Would you like us to draw up a Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

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

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Please clarify where you are making any payment for the Transfer of Equity and to whom and notify us the amount?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Information to consider in conjunction with the above Holmesdale Building Society transfer of equity Info :

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 Holmesdale Building Society conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, 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 conditions are not complied with you may be in violation 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 conveyancer will check with Holmesdale 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 Holmesdale 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 transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Holmesdale Building Society.

Preparing the Transfer of Equity with a Holmesdale 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 Holmesdale 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.

Content 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.


Frequently asked questions relating to Holmesdale Building Society transfer of equity