Examples of recent questions relating to Cynergy Bank transfer of equity
- I got divorced in 2011. For some reason I never got around to transfer 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 needed. Cynergy Bank is happy to transfer the property and loan in my name (financial checks done). Does my ex need any legal representation?
- I am in the market for a dependable conveyancing solicitor to assist in a transfer of equity and refinance with Cynergy Bank. I want to avoid being ripped off and there's many conveyancing solicitors who do transfer of equity conveyancing to pick from...who's the best?
- I am am in need of a conveyancer to deal with my transfer of equity. Cynergy Bank are dealing with the refinancing. I considered asking my financial adviser. I understand he may get a referral fee for suggesting someone, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Is my logic correct?
- I am planning on removing a name from a joint mortgage and the Cynergy Bank need me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Littleborough
lawyer to deal with the transfer of equity? They need to be on the Cynergy Bank conveyancing panel.
- The mortgage broker has suggested using their conveyancing solicitor for my Transfer of Equity plus remortgage with Cynergy Bank - won’t it be better to just instruct them?
- What if my application doesn't meet Cynergy Bank lending criteria for a transfer of equity?
- In 2012 I purchased a property without my wife's name on the ownership paperwork. My conveyancing solicitor advised it is because she was not in the loan offer with Cynergy Bank. I'm wondering is there any way that I can add her name on the title?
Sample of questions in a conveyancing solicitor form relating to Cynergy Bank Transfer of Equity
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please give the name(s) and addresse(s) of anyone to be removed from the property title?
If you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Have you approached Cynergy Bank to seek consent to the Transfer of Equity
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?
Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?
Information to consider in conjunction with the above Cynergy Bank transfer of equity Advice :
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, the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
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 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 varies based on the market value of the property at finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Cynergy Bank your property may be repossessed.
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 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.