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Bank of Cyprus UK

Recently asked questions relating to Cynergy Bank transfer of equity

  • Cynergy Bank have today agreed I can take over the mortgage on my home. I had applied for a transfer of equity but is this a transfer of ownership at the Land Registry as well?
  • My former husband are looking to get a lawyer lined up for a refinance with Cynergy Bank. Transfer of Equity conveyancing is also necessaryI have used the different comparison based tools and the results are from all over England and Wales. Is it important to instruct a conveyancing solicitor local to us?
  • My existing mortgage is with Cynergy Bank. Can I transfer equity to someone less than 18 years old?
  • I own a property in Wakefield , with a Cynergy Bank mortgage with my ex partner. Him and his fiance are going to acquire my share. We had approval from Cynergy Bank to replace my name with hers. The transfer of equity has to be done by a conveyancer for Cynergy Bank (apparently). Can we do the Land Registry formalities?
  • Have recently separated from my wife of 18 years. I'm now living with my mum and dad and she wishes to stay in the flat and buy me out. What percentage am I entitled to. Is it half of the equity after discharging the Cynergy Bank home loan? I assume proper valuations are necessary but I would like ensure that I'm getting what I am entitled to
  • What is the process for having a person removed off the title documents to a house where the home loan is with Cynergy Bank
  • Me and my former partner and I are in the market for a trustworthy conveyancing lawyer to help me sell in a transfer of equity and refinance with Cynergy Bank. I I am concerned about by bill escalating out of control and there's lots of conveyancing organisations who do transfer of equity conveyancing out there...who's the best?

Sample of questions in a lawyer form concerning a Cynergy Bank Transfer of Equity

Please provide the name(s) and addresse(s) of anyone to be extracted from the title deeds?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Is there to be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

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

Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

Where you are adding someone 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” Questionnaire.

Caveats to be read in supporting the above Cynergy Bank transfer of equity Questions and Answers :

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 premises

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 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 as a result of 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 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 the conclusion of the transfer of equity transaction.
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 lawyer 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