Sample questions relating to Cynergy Bank transfer of equity

• I am planning on removing a name from a joint mortgage and the Cynergy Bank require me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Romsey lawyer to deal with the transfer of equity? They need to be on the Cynergy Bank conveyancing panel.
• What if my application doesn't meet Cynergy Bank lending criteria for a transfer of equity?
• Can I apply to request more money from Cynergy Bank as part of a Transfer of Equity?
• I got divorced three years ago. I simply never got around to change the ownership from the current 'joint' status to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. Cynergy Bank is content to transfer the full equity in my name (financial checks done). Does my ex need a lawyer?
• What are my options where I am dissatisfied with the conveyancing solicitor who did my transfer of equity conveyancing?
• Law week I separated from my wife of 18 years. I'm now living with my parents again and she wants to remain in the apartment and pay me off. What percentage am I entitled to. Is it 50% of the equity after discharging the Cynergy Bank home loan? I assume proper valuations are required but I really need ensure that I'm getting the best deal
• Can you tell me how to have a person removed from the deeds to a property where the home loan is with Cynergy Bank

Sample of questions in a conveyancing solicitor form relating to Cynergy Bank Transfer of Equity

Important warnings to consider in in addition to the above Cynergy Bank 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 Cynergy Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

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 landlord. If such conditions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in 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 lawyer will check with Cynergy Bank 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 Cynergy Bank 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 Cynergy Bank 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 Cynergy Bank 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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within 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.