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Sample questions relating to Banks and Clients transfer of equity

  • What should I be budgeting for when it comes to what solicitors fees are for a transfer of equity? I need to transfer equity and refinance - new loan with Banks and Clients - and have been quoted Four Hundred pounds plus VAT by Banks and Clients's appointed lawyer, Is this is a good price or not?
  • Law month I separated from my ex of thirty years. I'm now back with my mum and dad and she wants to remain in the property and pay me off. What percentage am I entitled to. Is it half of the equity after paying off the mortgage with Banks and Clients? I assume proper valuations are required but I would like ensure that I'm getting what I am entitled to
  • I am searching for a trustworthy conveyancing solicitor to assist in a transfer of equity and remortgage with Banks and Clients. I I am concerned about by bill escalating out of control but with plenty conveyancing firms who do transfer of equity conveyancing out there...who do I opt for?
  • My partner and I jointly own a flat in Sedgefield . Home loan is with Banks and Clients. I wish to transfer full ownership to him with no passing of money but without using a lawyer. Do you think this should be straightforward?
  • I am in the process of removing a name from a joint mortgage and the Banks and Clients need me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Littleborough lawyer to deal with the transfer of equity? They need to be on the Banks and Clients conveyancing panel.
  • My wife and myself have 50:50 shares in a investment property. I am a higher rate tax payer. Preferably I wish to complete a transfer of equity to her sole name to reduce our tax on rental income. Assuming Banks and Clients are happy with this the legal fees are not high. However what happens when we dispose of the property? Would my GGT relief be lost.
  • In 2011 I purchased a property without my fiance’s name on the deeds. My conveyancing solicitor said it is due to the fact that she was not in the mortgage with Banks and Clients. Is it possible for me to put her name on the title?

Questions that your conveyancer may ask regarding your Banks and Clients Transfer of Equity

We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)

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 give the name(s) and addresse(s) of those who jointly own the premises with you?

Is the transfer of equity subject to a court order? If yes please supply a copy

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

Would you like us to prepare Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

General Advice to read in in addition to the above Banks and Clients transfer of equity Info :

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 Banks and Clients conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, provisions in 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 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 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 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 market value of the property at finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Banks and Clients.

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.

Information provided 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