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Are you in need of a Transfer of Equity with a Banks and Clients plc mortgage? Failing to check that a lawyer is on the Banks and Clients plc list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Frequently asked questions relating to Banks and Clients transfer of equity

  • In 2013 I purchased a house without my wife's name on the deeds. My conveyancing solicitor advised it is because she was not in the mortgage with Banks and Clients. Is it possible for me to put her name on the title?
  • What is the process for having someone removed off the deeds to a property where the mortgage is with Banks and Clients
  • I am hoping to remortgage my maisonette in Timperley moving from Barclays to Banks and Clients. The flat is jointly owned but I would like it to be in my name only when I transfer. My husband has verbally consented to this and is happy to sign a form but neither of us want to get a second conveyancing solicitor involved.
  • I currently have a joint Banks and Clients mortgage with my brother and am looking into the feasibility of him taking on the whole mortgage and removing myself from it, to enable me to purchase a place with my partner. The remaining mortgage is approx 200k, and the property value is about 450k. Is this a transfer of equity? Is land tax due?
  • How do I go about adding or removing names (transfer of equity) to or from my Banks and Clients mortgage account?
  • I understand we would need at least AP1 and TR1. Is this true?
  • At what stage do I incur stamp duty chargeable for the transfer of equity in my property in my sole name which is taking place at the same time as a remortgage with Banks and Clients?

Questions that your lawyer could ask regarding your Banks and Clients Transfer of Equity

Please list all persons who occupy the property, their respective ages and relationships to you.

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)?

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

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

Please provide a copy of your National Insurance Number?

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Important warnings to consider in supporting the above Banks and Clients 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 Banks and Clients 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 restrictions 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 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 Banks and Clients 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 Banks and Clients 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 valuation of the property at finalisation of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Banks and Clients your property may be repossessed.

Preparing the Transfer of Equity with a Banks and Clients Mortgage

When it comes to preparing the the Land Registry documents your conveyancing solicitor should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Banks and Clients 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.

Content on 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.


Frequently asked questions relating to Banks and Clients transfer of equity