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Frequently asked questions relating to Cynergy Bank transfer of equity

  • My divorce has gone through as is the consent order. Now I need to address the transfer of equity at the land registry and the Cynergy Bank home loan. I have called Cynergy Bank for the transfer of equity forms. What do I do now?
  • What is the process for having a person removed from the title documents to a house where the mortgage is with Cynergy Bank
  • When it comes to transfer of equity conveyancing involving refinance with Cynergy Bank should I be charged value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • Can I apply to request more money from Cynergy Bank as part of a Transfer of Equity?
  • I jointly own a apartment in Littleborough , with a Cynergy Bank mortgage with my ex partner. Him and his new partner are going to buy me out. We had the go ahead from Cynergy Bank to substitute my name with hers. The transfer of equity has to be completed by a lawyer for Cynergy Bank (supposedly). Is it possible for us to do the Land Registry change?
  • My ex-partner and I are are looking to find a quality conveyancing solicitor to help me sell in a transfer of equity and remortgage with Cynergy Bank. I I am fearful of being overcharged and there are various conveyancing practices who do transfer of equity conveyancing out there...who's the best?
  • In 2011 I purchased a house without my partner's name on the title documents. My lawyer said it is because she was not in the mortgage with Cynergy Bank. I'm wondering is there any way that I can add her name on the deeds?

Sample of questions in a conveyancer questionnaire relating to Cynergy Bank Transfer of Equity

Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Where 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 obtain consent to the Transfer of Equity

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Has one of the registered owners died? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Can you provide the name(s) and addresse(s) of anyone who jointly owns the premises with you?

General Advice to read in in addition to the above Cynergy Bank transfer of equity Advice :

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 Cynergy Bank 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 have a license to do so from the freeholder. If such conditions are not complied with 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 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 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 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 conveyancing solicitor 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.


Frequently asked questions relating to Bank of Cyprus UK transfer of equity