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Sample questions relating to Banks and Clients transfer of equity

  • Is it possible to transfer the equity held in my property with my Banks and Clients mortgage?
  • I am planning on removing a name from a joint mortgage and the Banks and Clients require me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Ampthill conveyancer to deal with the transfer of equity? They need to be on the Banks and Clients conveyancing panel.
  • I am mortgaging my home in Rye does my lawyer have to be on the Banks and Clients Conveyancing panel. The conveyancing also involves a transfer of equity.
  • Been reviewing online forums that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I am transferring equity and at the same time switching mortgage with Banks and Clients
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Banks and Clients?
  • Having been 2 a couple of years separated I have decided to give up my interest in the property to my husband who is re-mortgaging with Banks and Clients. Could this transfer of equity be done in four weeks?
  • How and when do I incur stamp duty payable for the transfer of equity in my property in my name alone which is happening at the same time as a remortgage via Banks and Clients?

Examples of questions in a lawyer form concerning a Banks and Clients Transfer of Equity

Please give the details of anyone to be added to the title deeds?

Have you approached Banks and Clients to obtain consent to the Transfer of Equity

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

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

Please give the details of anyone to be removed from the property title?

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

Important warnings to consider in further 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 titles

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such terms are not adhered to 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 conveyancer 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 is dependent on the valuation of the property at the conclusion 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 lawyer 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 conveyancer 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